The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and
Cash basis for landlords
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Pre-trading expenditure
There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses that are required to help a business prepare for trading such as
Tax Diary June/July 2021
1 June 2021 – Due date for Corporation Tax due for the year ended 31 August 2020.
19 June 2021 – PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due
How to claim tax relief on employment expenses
If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this
One month left to join VAT Deferral Payment Scheme
Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online payment scheme. This would allow them to spread the cost of repayment over a number of months. The VAT
Check if you can claim working from home expenses
If you are an employee who is working from home, you may be able to claim tax relief for some of the bills you pay that are related to your work.
Note that if an employee is working at home
Employment Status Tool
HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service has
Tax on sale of cryptoassets
Most individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases.
HMRC is clear that these holdings will usually be
Tariff suspension on certain imports
The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK firms become globally competitive.
This will be done by allowing companies to request
No time for head in the sand tactics
Companies that are still claiming the Coronavirus Job Retention Scheme grants, now known as the furlough scheme, will have hard choices to make come the end of September when the present scheme
Record keeping for limited companies
Limited companies are required to hold a wide range of company and accounting records. This includes details of directors, shareholders, company secretaries and the results of any shareholder votes
Company information on signs and stationery
There are a number of requirements that must be taken care of when running a limited company. One of the lesser-known requirements concerns the use of signs, stationery and promotional material.
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When not to charge VAT
When a VAT registered business issues an invoice to their customer, they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT at the standard rate of 20%
Claiming Business Asset Disposal Relief
BADR used to be known as Entrepreneurs’ Relief before 6 April 2020. The name change does not affect the operation of the relief. BADR applies to the sale of a business, shares in a trading company or
Income Tax if you move to or from Scotland
The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer is based on whether the
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