Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on:
31 January during the tax year e.g., for
Reducing self-assessment payments on account
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Are you a company director?
There is more to being appointed a company director than accepting the title.
According to Companies House directors formal, statutory duties and responsibilities include:
filing an annual
VAT supplies for no consideration
In most cases, a supply of goods or services for VAT purposes is deemed to have taken place in return for consideration. This is usually payment in money but can also be of a
Do you need to submit a Self-Assessment tax return?
There are a number of reasons why you might need to complete a Self-Assessment return for the first time. This includes if you are self-employed, have an annual income over £100,000 and / or have
On your bike tax-free
The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport.
The scheme allows employers to provide bicycles and cyclists’ safety
Class 2 and 4 NIC for the self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.
Class 2 NICs are paid by all self-employed
Giving money to charity in your Will
A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’
Checking your Simple Assessment tax bill
Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax
Access to cash to be protected
Recognising the need to maintain access to cash withdrawal facilities, the government is stepping in to set out a new access standard in the UK.
The vast majority of people and businesses are set to
The best and worst of British banks
Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of
Capital Gains Tax and trusts
A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets – such as land, money and shares – held by the trust. The person who places assets into a trust is
Tax and duty on goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not disadvantage UK businesses supplying goods in the UK, for example, by having to compete
VAT recovery when leasing vehicles
The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses.
We have covered below some important points to be aware of concerning the recovery of input tax
Claiming 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
Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
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