What Is A Personal Tax Account?

HMRC are encouraging all taxpayers to set up a personal tax account to manage their personal tax affairs. Ultimately the aim is for each individual’s tax history and current position to be maintained on this account. So this would include for example your business affairs, including VAT if your business was registered for VAT, your […]

HMRC Real Time Capital Gains Tax Service – How Does It Work?

Until recently, if you needed to report a capital gain to HMRC, you would need to complete a self-assessment tax return. Now there is a choice. 1) You can still use a self assessment tax return, or 2)  You can use the capital gains tax (CGT) real time service. This can be accessed by logging […]

Pimlico Plumbers

Pimlico Plumbers Decision Made By Surpeme Court

TAX & NATIONAL INSURANCE IMPLICATIONS OF THE PIMLICO PLUMBER STATUS The Supreme Court has upheld earlier decisions which confirmed that the individual was a “worker” and not self-employed. This case deals with employment status and has been a long running battle between Gary Smith the Plumber and Pimlico Plumbers Ltd. The “worker” status gives employment […]

NEWSFLASH 19 June 2018 – What Is A Simple Assessment?

The aim of a Simple Assessment is to reduce the number of taxpayers in self assessment via a form PA302. This will be a paper based system (even if the taxpayer has opted to go paperless) and will be copied to agents. The tax will be due by 31 January or 3 months after the […]

Newsflash – June 2018 TAX SCAMS

Tax refund scams with HMRC are still a problem and HMRC statistics for March 2018 prove this. HMRC requested that more than 2,600 phishing websites were removed as it received over 84,000 reports of suspicious e-mails, phone calls and texts. The usual format for a phishing scam e-mail is to suggest that you are due […]

Starting Up A Business

Key Answers To Key Questions For Start Up Businesses

Are you considering starting up a business? In this article, we answer the key questions that many new businesses owners have when they are starting up a business. Q: What expenditure can I deduct prior to the commencement of my trading? A: Pre-trading expenditure can be deducted from turnover in the first accounting period as […]

Changes To The Taxation Of Rental Properties

From 6TH April 2018, the amount of interest relief which can be claimed for finance costs (such as mortgage interest) which is incurred on residential properties will start to be restricted to the basic rate of tax. The restriction will be phased in over 4 years as follows: Tax Year Allowable Expense Excess Finance cost […]

GDPR – The Changes & New Fees

Under the current arrangements, the 1998 Data Protection Act required businesses to tell The Information Commissioners Office (ICO) how they process persona data. This is the current legal requirement and as part of this process the business must detail what personal information they hold and how it is processed. There is also a fee for […]