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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Use simplified expenses to save work
Use simplified expenses to save work A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if the deduction is considerably higher using actual costs, the additional time investm...
Making Tax Digital (MTD) for VAT for all
MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-regis...
Is it worthwhile making additional pension contributions before 6 April 2022?
Is it worthwhile making additional pension contributions before 6 April 2022? It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief...
Gifts – beware capital gains tax may be payable
Gifts – beware capital gains tax may be payable The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigg...
What are the rules when paying back a director’s loan?
Paying back a director’s loan – beware of the anti-avoidance rules Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. Ho...
Do I need to tell HMRC that my company is dormant?
Tell HMRC that your company is dormant If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still ex...
Using your annual exempt amount for 2021/22
Using your annual exempt amount for 2021/22 All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the a...
Overlap profits – What are they and when is relief given?
Overlap profits – What are they and when is relief given? Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are...
Struggling to pay tax – What should you do?
Struggling to pay tax – What should you do? The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, i...
Reporting Covid-19 Support Payments on your tax return
Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received f...
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