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Self-employed tax twisters

We are often asked why a self-employed person is paying so much tax when their drawings from their self-employed business are minimal. The reason for this is that sole traders and partners (individuals) pay tax on the profits they earn...

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Landlords and tax – the basics

The following definitions set out how property income is calculated and taxed: Rental income – includes rents, amounts received to cover use of furniture, cleaning of communal areas, hot water, heating and repairs to property. Allowable expenses – any expense...

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More time to file tax returns and pay tax due

HMRC is responding to the pressures we all feel as the new COVID-19 variant, Omicron, makes normal life difficult once more. The offer by HMRC is generous. Basically, they have announced that taxpayers who have still not filed their self-assessment...

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Are you registered to use MTD for VAT?

Businesses are reminded to take steps to prepare for Making Tax Digital for Value Added Tax (VAT) before it becomes mandatory for all VAT-registered businesses from 1 April this year. Making Tax Digital is designed to help businesses eliminate common...

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Don\’t forget to declare COVID-19 grants

HMRC have issued the following guidance to taxpayers who may have received COVID-19 grants during the 2020-21 tax year. “If you claimed Self-Employment Income Support Scheme (SEISS) or received Coronavirus Job Retention Scheme grants, you’ll need to include details of...

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Will your earnings exceed any of these amounts in 2021-22?

£100,000 - Loss of income tax personal allowance Your income tax personal allowance - £12,570 for 2021-22 – will be reduced by £1 for every £2 your adjusted net income exceeds £100,000. If your projected earnings for the current tax...

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Facing 2022

We are now two years into the COVID-19 pandemic and the virus is showing a remarkable ability to adapt. In its latest form, the Omicron variant, it is proving to be more transmissible and successful at seeking out new hosts....

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Lockdown survival tactics

We have listed below a number of ideas that might ease your progress through any continuing COVID-19 related disruption during 2022. The following comments are not advice. Every business is different so please call if you have concerns due to...

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Time to dust-off those online shop plans?

Do you have half-completed plans to open an online-shop this year? Even if you have never considered internet trading, could this be an option for 2022? Business owners If you are selling goods, creating a web-based sales platform will vastly...

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January is tax payment time

As you will see from the tax diary notes this month, there are two significant tax payment deadlines this month. 1 January 2022 – Companies with a 31 March 2021 year end date will need to settle their Corporation Tax...

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