Your tax code is made up of numbers and letters. 1257L is the tax code currently used for most people who have one job or pension. The tax code is there so that through the tax year, unless you are self-employed, you pay approximately the right amount of tax. But it is not always correct. …
You may be selling your business promises. The timetable could be uncertain. HMRC will want their share in the form of CGT. If the sale is associated with the sale of a business, then you may get BADR and only pay £10% tax. But the conditions for BADR are broadly: The business has carried on …
Since 31 May 2023, businesses have the option to apply online for an automated VAT Payment Plan, provided they: Have filed their latest tax return Owe £20,000 or less Are within 28 days of the payment deadline Do not have any other payment plans or debts with HMRC Plan to pay their debt off within the …
VAT Time to Pay – Self-Service Payment Plans Available Read More »
This is coming whether you like it or not. 5 April will be a memorable date for all self-employed individuals and partnerships because at that date the way your profits are reported on your tax return is going to change. From 6 April 2024, the profits to be reported each year will be the actual …
Are you currently planning your office night out? What is the tax implication for your staff? There is an income tax exemption for annual functions. The exemption is not restricted only to a Christmas party but can used for alternative annual functions during the year. The exemption must be used for annual functions i.e. functions …
Many R&D claims are now being challenged by HMRC. This is quite a change from the way it used to be. These investigations can be time consuming and challenging. One of the factors that can lead to a challenge is the SIC code recorded against your company at Companies House. The SIC code enables them …
If you work in hospitality, how well do you know the rules on tips? Where the employer imposes a mandatory service charge to a bill and that is paid out to the employees, national insurance will be due regardless of the arrangements for sharing out the money. Tips given directly to employee PAYE does not …
The £85,000 limit applies to each person: a sole trader, a partnership or a limited company. If you want to get the benefit of multiple VAT thresholds, here are some tips. If you are a sole trader, and want to diversify in to perhaps furnished holiday lets, put the latter in joint names. Otherwise, the …
The question whether someone is employed or self employed is determined by the nature of the relationship between the parties involved and is not a self-determined label. HMRC have a tool to help you determine the correct status. The Check Employment Status Tool (CEST) is an online tool that can be used to help determine …
UK residents are only required to complete the property CGT return if there is a chargeable gain which results in a payment of Capital Gains Tax. Accordingly, for UK residents, if there is no CGT due because of: brought forward losses, covered by the annual exemption, losses made on the transaction, then no separate return …
A free, friendly and no-commitment consultation can be arranged by phone or video call to suit you.
Striving to deliver exceptional financial services >>>
