Are you late with your self-assessment return? Here’s what you need to know.
Penalties for late self-assessment returns The normal due date for a self-assessment return where filed online is 31 January after the end of the tax
Penalties for late self-assessment returns The normal due date for a self-assessment return where filed online is 31 January after the end of the tax
Getting ready for off-payroll working changes From 6 April 2020 the off-payroll working rules that have applied since 6 April 2017 where the end client
Managing a rental business from home A landlord will often manage their property rental business from home, and in doing so will incur additional household
Property partnerships A person may own a property jointly that is let out as part of a partnership business. This may arise if the person
Rental deposits A landlord will usually take a deposit from a tenant when letting a property to cover the cost of any damage caused to
Dividend complexities The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018.
Travel expenses and the 24-month rule As a general rule, employees are denied a tax deduction for the cost of travel between home and work.
It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps
A statutory exemption exists, which allows employers to meet the cost of certain social events for staff without triggering a liability to tax or NICs,
A PAYE Settlement Agreement (PSA) enables the employer to pay the tax and National Insurance instead of the employee on those benefits and expenses included
The payment of National Insurance contributions provides the mechanism by which an individual builds up their entitlement to the state pension and certain contributory benefits.
Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC. The reporting requirements depend on whether the benefits
For personal and family companies it can be beneficial to extract some profits in the form of a salary. Where the individual does not have
The National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1 April 2019. From that date, the NLW, payable to workers aged 25
There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names.
Many small businesses are run from home. Where a business is run from home, household costs will be incurred which are attributable to the business.
Spare time earnings may be tax-free The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the
The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that
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