What happens if I haven’t submitted my tax return on time? If you haven’t submitted a tac return on time then you will be automatically charged £100 on 1st Feb – regardless of whether you owe any tax or not. HMRC can then issue a ‘determination’, this is an estimated bill that will stand until you send in your actual …

1 – Make sure that you are registered to submit online with HMRC This is a BIG one, every year we see people despair because they fail at the final hurdle. If this is your first year for filing, if you’ve done paper returns in the past or if someone has previously submitted on your behalf then you need to …

The general rule is that ‘entertaining’ isn’t tax deductible however staff entertaining is, always.  All costs of a staff function from food, drink, entertainment, venue hire and even accommodation are allowable.  And VAT registered businesses can recover the VAT incurred. There is no limit to the amount a business can claim in respect of staff entertaining providing there is no …

Possibly the most debated measure contained in the budget for our freelancer and contractor clients. IR35 is a tax legislation designed to combat tax avoidance by workers supplying their services to clients via a third party (such as a limited company); but who in reality, are performing services in the same way as an employee. If you are classified as …

Personal Tax  For 2019/20, the personal allowance is increased from £11,850 to £12,500 and the basic rate limit from £34,500 to £37,500, so that the level of income at which an individual comes within the change to income tax is extended from £46,350 in 2018/19 to £50,000 in 2019/20. The 2019/20 figures will remain the same for 2020/21. After that …

Capital allowances The annual investment allowance will temporarily increase from £200,000 to £1 million for the twoyear period from 1 January 2019 to 31 December 2020. This does mean there will once again be complex rules for periods of account spanning those dates, and businesses will need to take care that they do not inadvertently spend too much at the …

Capital gains tax (CGT) rates The current rates of CGT are 10%, to the extent that any income tax basic rate band is available, and 20% thereafter. Higher rates of 18% and 28% apply for certain gains; mainly chargeable gains on residential properties with the exception of any element that qualifies for private residence relief. There are two specific types …

New timeline for MTD After a press release from HMRC earlier this week we have put together a new timeline for MTD that has been fully updated with the changes outlined in the press release: October 2018 – Pilot opens for Sole Traders and Companies Except for those which are part of a VAT group or VAT division and provided …

MAKING TAX DIGITAL updated to include press release from HMRC on 16th October 2018 If you only take one point from this guide please let it be this.. “The faster you get started, the more likely you are to fulfil your MTD obligations seamlessly come April 2019.  Give yourself time to adapt and get the support that you need.  Work …

Tax Breaks for Start Up Businesses Introduction If you are thinking about starting a business then it’s really important that you take some advice as early on as possible and especially before you start to trade as whether you trade through a limited company or as a sole trader can make a big difference as can whether you voluntarily register …