If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip, or P60. You can also log in to your personal tax account to view, download, print, save or share a letter … Continue reading DWP Launch Digital National Insurance Registration Service
HMRC has confirmed that almost 1.8m couples across the UK have benefitted from the marriage allowance and are saving up to £252 a year. The marriage allowance is available to qualifying married couples and those in a civil partnership where a spouse … Continue reading Are You Maximising Marriage Allowance?
New VAT rules for building contractors and sub-contractors came into effect on 1 March 2021. The new rules make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse … Continue reading The CIS Reverse Charge – Guidance
Are you thinking of investing in new plant or other equipment? Remember that the super-deduction offering 130% first-year tax relief is available to companies until March 2023. The super-deduction tax break was introduced on 1 April 2021 and … Continue reading Have You Heard About The 130% Tax Relief For Companies
If you are a landlord, it is important that you are aware of expenses you can and cannot claim from your rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. In some … Continue reading What Expenses Can Property Landlords Claim?
Does your business have savings that would cover at least three months' overheads for your business? This is a prudent, but thanks to COVID, completely unrealistic goal for many businesses who exhausted any such cash reserves months ago as COVID … Continue reading The Need For A Contingency Fund
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of … Continue reading What Is The VAT Annual Accounting Scheme?
Goodwill is rarely mentioned in legislation. Most people would settle on a simple definition which would be based on the ‘extra’ value of a business over and above its tangible assets. In the vast majority of cases when a business is sold a … Continue reading How Do You Quantify Goodwill For Tax Purposes?
VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to … Continue reading Making Tax Digital For Income Tax
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. HMRC will contact those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the … Continue reading Help! Calculating The Turnover For The Fifth SEISS Grant
The division of tips/gratuities received by employees is often met with confusion around exactly WHO is liable for the relevant taxes and contributions. To assist business owners HMRC has published a booklet entitled ‘Tips, Gratuities, Service … Continue reading Guidance On Gratuities
1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 - PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021) 19 … Continue reading Tax Dates August / September