Category archives: Tax news
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2 months ago
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As long as you’re up to date with your payments and don’t have any outstanding returns you can set up a budget payment plan with HMRC.
Some people are super organised so they set up a separate bank account and have no problem setting an amount to one side and leaving it there. Some of us are... [read more]
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3 months ago
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When you pay someone for some work it is your responsibility to get it right. Can you treat them as self employed or should they be on the payroll?
Employed versus self employed is always a thorny issue and the man who owns Pimlico Plumbers found out how difficult it can really be. In this insta... [read more]
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3 months ago
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There may be some of you out there who still haven’t made the leap to proper digital software. If you’re registered for VAT then April 2022 is date when it will be compulsory for any VAT registered business to be using approved digital software.
It has been compulsory since 2019 for all business... [read more]
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5 months ago
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For all you buy-to-let owners – did you know HMRC has a system using AI to cross check with sources such as the Land Registry, Zoopla and Rightmove? They can also check via letting agents to see if a property is being actively let.
The latest data shows that £17.7m was collected in unpaid tax fr... [read more]
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5 months ago
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Now is the time of year when we all want to get together and let our hair down a bit but is the cost of holding a party for your staff a tax deductible expense?
In short the answer is a simple, yes, but there are one or two conditions.
Before you were thinking of being too generous there is a... [read more]
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6 months ago
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As we’re now approaching the festive period we thought it a good idea to remind everyone about how to treat Christmas gifts for your clients.
In this post we just focusing on gifts to customers, not gifts to employees.
The general rule is that business gifts do not qualify for tax relief... [read more]
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6 months ago
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First a bit of basic accounting. All expenses fall into one of two categories and they are either REVENUE or CAPITAL and here’s a very simple summary of each:
Revenue is anything you spend on running costs such as ground rents, repairs, insurance, rates and some others which I’ll cover later.
... [read more]
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7 months ago
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If you’ve been an employee you probably had rules on what could be claimed as an expense which may have meant anything you spent on food or drink could be claimed. If you’re self employed you can still pay for these items fromthe business but they may, or may not, be tax deductible.
It can be te... [read more]
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7 months ago
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Those letting out holiday homes have, historically, been pretty relaxed about VAT reports and filings simply because they haven’t had to worry about them. However, this is not necessarily the case. Furnished holiday lettings are usually standard rated for VAT and must be registered for VAT once the ... [read more]
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5 years ago
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Employed versus self employed is always a thorny issue and the man who owns Pimlico Plumbers has just found out how difficult it can really be. What’s more if you get it wrong our friends at HMRC can be very forthright in the way they’ll be dealing with you. Not only is there a hefty fine but you wi... [read more]
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7 years ago
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Workplace Pensions: Setting Aside for a Better Future
Under government law, employers are now required to enrol all appropriate members of their workforce into a Qualifying Workplace Pension Scheme, giving many UK employees access to a workplace pension for the first time.
This is good news fo... [read more]
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7 years ago
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Anyone with staff who receive benefits in kind (BiKs) should remember they have to submit details on a P11D form by the 6th July following the end of the tax year. The most common BiKs are private health, vehicles (including vans) and fuel. When a van is a van is often a tricky one and we always enc... [read more]
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