If you have set up your Government Gateway account you can now ‘self-serve’ to make arrangements to pay your tax bill by instalments. The conditions for this are: You have filed your 2021 tax return What you owe is less than £30,000 You are within 60 days of the payment deadline Can pay it off […]
06
Dec
Dec
New MTD filing penalties Filing VAT returns using making tax digital (MTD)-compatible software will be compulsory for all VAT registered traders for periods beginning on or after 1 April 2022 unless HMRC agrees that the taxpayer is exempt. Sole traders will also have to file quarterly and annual income tax reports using MTD software from […]
25
Nov
Nov
The question we always get asked is “should I buy this rental property in my name or a limited company?”. The answer is no longer straight forward and will depend on your individual circumstances and it is not just about the tax. People started buying residential investment properties in limited companies to avoid having the […]
01
Nov
Nov
Universal Credit claimants to keep more wages Many employed and self-employed people claim Universal Credit as they have low or unpredictable levels of income. It provides a much needed top-up to their earnings but the benefit is reduced as the worker earns more due to the Universal Credit taper rate. Currently the taper rate is […]
06
Oct
Oct
HMRC have announced they will delay the introduction of MTD for sole traders and landlords until the 6th April 2024. This is good news as MTD for Income Tax Self Assessment (MTD ITSA) will cause additional time and costs to be able to file quarterly reports to HMRC. However, do not confuse this with the […]
15
Sep
Sep
Going digital in advance of MTD From 6 April 2023 all unincorporated businesses will have to keep their business records in a digital format and submit quarterly reports derived from those records to HMRC using MTD-compatible software. These are the basic obligations under making tax digital for income tax self assessment (MTD ITSA). The start […]
04
Sep
Sep
From 6th April 2023 the self-employed, and certain landlords, will need to start reporting their income to HMRC on a quarterly basis. The Office for tax simplification is also looking to have all partnerships and sole traders change their accounting date to 31st March or 5th April if their current accounting date is different to […]
22
Jul
Jul
If you are thinking about retiring in the near future and you have a good management structure that already runs the business for you, or can be trained to do so, then you could consider having the employees buy the company from you via an ‘Employee Benefit Trust (EBT)’. There are tax breaks both for […]
02
Jul
Jul
HMRC has published a policy paper covering the fifth SEISS grant; more detailed guidance will soon be available but the amount ( to cover the period May 2021 to September 2021) will be determined by how much turnover has been reduced in the 2020/21 year: Turnover Reduction Rate Applicable Maximum Grant 30% or more reduction […]
Blog, Uncategorized
Are you considering a mortgage and are self-employed or an owner/director of your own company?
22
Jun
Jun
This year we have seen an increase in business people contacting us regarding obtaining a mortgage. So far so good, however the problem is that they have been using an unqualified accountant. This has only been discovered when the mortgage company rejected their accounts on the basis they had not been prepared by an accountant […]