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Claiming back professional subscriptions
If your employment requires that you obtain and maintain membership of a professional organisation, you can make a claim to set the cost against your
VAT bad debt relief
If you use standard VAT accounting – pay VAT on sales when invoiced and claim back VAT on purchases when invoiced – you may have
Common misconceptions about tax and letting property
HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will
Beware self employed contributions trap
To qualify for the full, new State Pension you will need to have 35 years of contributions. At present, the self-employed pay Class 2 (a
Self employed taxed on profits not drawings
We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business
Pension scams
The government has proposed a wide-ranging ban to prevent pension scams. The consultation listed the sorts of phone conversations that the government intends to fall
Where is my profit, it is not in the bank
This is a question we are regularly asked by clients. Usually, the conversation is triggered when we discuss the end of year accounts. Before we
Rent a room at home tax free
On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current
Involving children in your business
Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. Giving shares in your
Organising a trading name for your company
We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new
Saving to pay tax
If you are employed, or receive a pension from a non-State provider, any tax you should pay is probably deducted before payment under the PAYE
Dying without a Will, bad idea
Many people die without making a Will. In legal terms, this means they die “intestate”. When this happens, the estate must be shared out according
Minimum Wage legislation
No-one is going to complain if you pay more than the National Minimum Wage or National Living Wage rates – which ever applies. However, there
Tax Diary August/September 2017
1 August 2017 – Due date for Corporation Tax due for the year ended 31 October 2016. 19 August 2017 – PAYE and NIC deductions
Making Tax Digital E common sense prevails
Making Tax Digital (MTD) is the government’s latest attempt to fully digitise the process of collecting data from taxpayers so they can speed up the
