If you are self-employed it is important to be aware if an expense is allowable for tax deduction purposes or not. Any allowable costs can be used to reduce your taxable profit.
As a general rule you can claim for items that you would normally use
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April 2017. The scheme is not open to limited companies and limited
A pecuniary liability can occur when a monetary obligation is fulfilled by an employer, when by law, the liability was that of an employee. One example of this is the case of an employer paying a debt that an employee owes to a third party. The
A capital sum received by an individual in respect of the sale or relinquishment of income – derived from his or her personal activities – can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged
Sajid Javid has cancelled the Budget that was due to be presented to Parliament 6th November.
As the UK will not be leaving the EU at the end of this month and as Boris Johnson is proposing a general election on 12th December, both of these events
The 2018-19 tax return deadline for submitting your paper Self-Assessment returns is 31 October 2019. Late submission of a Self-Assessment return will trigger a £100 late filing penalty. The penalty usually applies even if there is no liability
HM Treasury has announced the trial launch of a new PrizeSaver account with participating credit unions. The new account was launched as part of the International Credit Union Day. Eligible savers who open the new account can win up to £5,000 a
There are a number of options if you find yourself in disagreement with a tax decision issued by HMRC. As a first step, it is usually possible to make an appeal against a tax decision. There is normally a 30-day deadline for making a claim, so time
If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you will need to comply with a special set of tax rules collectively known as the Construction Industry Scheme (CIS).
The CIS
A lump sum payment can sometimes be made in lieu of all or part of an employee’s salary, wage, commission or other amounts to which they are entitled by virtue of their employment. Under these circumstances, the lump sum payments are taxable as
Under certain circumstances, companies (including non-resident companies trading from a branch or agency in the UK and local authorities) can have a duty to deduct tax in connection with certain payments. In effect the company accounts for all or
A Close Company is broadly defined as a company that is controlled by:
five or fewer participators or
any number of participators who are also directors or
where more than half the assets of which would be distributed to five or fewer
Since April 2019, VAT registered businesses with a turnover above the VAT threshold need to keep digital records for VAT purposes using the Making Tax Digital (MTD) protocols. This means that businesses must keep their records digitally (for VAT
What happens if your bank becomes insolvent and you stand to lose any funds deposited?
The bank deposit guarantee limit is the amount of money that is guaranteed, for savers in UK banks and building societies, should the institution become
The Queen’s Speech 2019 outlined several Brexit-related Bills, including an Immigration and Social Security Co-ordination (EU Withdrawal) Bill, designed to end free movement within the UK after Brexit and to lay the foundation for a new, modern
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