If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.
For tax
Business records if self-employed
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Connected persons for tax purposes
The definition of a connected person for tax purposes can be complex.
A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the
Check a UK VAT number is valid
The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the
South Yorkshire first UK Investment Zone
It was announced as part of the Spring Budget 2023 measures that the government would establish twelve Investment Zones across the UK, subject to successful proposals. South Yorkshire has now been
Tax on savings interest
If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of
Exempt company purchase of own shares
Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions (usually described as dividends) and may be subject to Income Tax.
If certain
What do we mean by cost of living?
A simple dictionary definition of cost of living would probably say something like:
The level of prices relating to a range of everyday items…
The problem is, the price inflation for food, or fuel
Tax Diary August/September 2023
1 August 2023 – Due date for corporation tax due for the year ended 31 October 2022.
19 August 2023 – PAYE and NIC deductions due for month ended 5 August 2023. (If you pay your tax electronically
Alcohol duty changes
Changes in the way alcohol is taxed will come into effect from 1 August 2023. The new system of calculating alcohol duty for all alcoholic drinks will be made using standardised tax bands based on
Tax on property you inherit
If you inherit property, you are usually not liable to pay tax on the inheritance you receive. This is because any Inheritance Tax (IHT) due should be paid out of the deceased’s estate before any cash
Getting a SA302 tax calculation
The SA302 tax calculation and tax year overview documents are commonly used as evidence of income for loan or mortgage purposes for the self-employed. The forms have become more widely used since the
Pension Credits
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced in 2003 to help keep retired people out of poverty. There are two main
Updating your tax return
There are special rules to follow if you have submitted a Self-Assessment return and subsequently realise you need to change it. For example, tthis can happen if you made a mistake like entering a
Cannot pay your tax on time?
The second payment on account for Self-Assessment taxpayers for the 2022-23 tax year is due on 31 July 2023. Taxpayers are usually required to pay their Income Tax liabilities in three instalments
Ideas for increasing your cash flow
Business owners are not exempt from the effects of inflation, but unlike waged individuals, they may have more options to increase cash flow. Here’s a few ideas you may like to consider:
If you
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