Tax News

As an employee you will be taxed on your earnings by your employer but you may also receive income from other sources.  There are lots of opportunities these days to sell items online or at car boot sales whether that is from turning out unwanted items to selling items that you have made yourself to earn a bit of "pin money". You therefore need to know whether this extra income needs to be declared to HMRC.  HMRC have an interactive checker that will help you decide whether you need to declare your additional income.  …

HMRC is not always right when it comes to what you owe them.  Over the years we have had lots of situations where HMRC have told our clients they have underpaid PAYE when they haven't.  Although, to be fair, they do notify clients when they have overpaid too.  Recently a number of employers we work with…

On 4 October 2018 the government issued a press release which stated that new measures were in place to end the problem of late payments to small businesses.  It stated that nearly a quarter of small businesses suffer from late payments which threaten their survival. …

April 2019 sees several changes to legislation for those who run a business.  Here is a brief round up of the changes which may affect your business.…

Did you know that if your earnings for the year are below the tax threshold you can pass 10% (currently £1,190) of your tax free allowance to your partner if they pay tax at the basic rate of 20%? …

From 13th January 2018 HMRC will no longer accept payment of taxes by personal credit card and prior to that, from 15th December 2017, payments will not be able to be made through the Post Office. Payments can be made to HMRC by:…

Are you aware of the implications of providing a mobile phone to your employee or reimbursing them for their mobile phone costs?  It could cost you, and them, more than you think. For instance:…

As a sole trader or self-employed person you won't have to pay tax on your earnings until 31 January the year after your first accounting period ends.  Finding out how much tax you will have to pay when you first tax return is submitted can come as a bit of a shock especially if you haven't saved for your tax bill during the year.  Do you understand how Self-Assessment tax works?…

Last week HMRC finally announced their revised plans for Making Tax Digital (MTD) after it was put on hold whilst the election process took place.  Originally MTD was to be implemented for businesses over the VAT registration threshold from April 2018 but this now won't be mandatory until April 2019.…

If you are earning income from a business activity you must register with HMRC as self-employed (also known as being a sole trader) and submit a self-assessment tax return annually by 31st January each year. A business activity includes:…