We are fast approaching the compulsory deadlines for Making tax digital. You will be required to keep digital accounting records following your VAT quarter that ends between March to May 2019. Those who are VAT registered with a taxable turnover of more than £85,000 will need to be prepared...
Read More
The let property campaign has been introduced by HMRC to encourage landlords who have not declared their property income for several years to confess and put their tax affairs in order with reduced penalties. HMRC have a system in place which is identifying landlords who have not paid tax...
If you do not keep adequate accounting records HMRC have the power to impose large fines of up to £3k per year for each year that inadequate records have been kept. Please see below a list of some documents that need to be kept by most businesses Bank statements....
Since the government introduced the savings allowance the bank no longer deducts tax at source from your interest received. Most individuals only receive minimal amounts of interest and it is likely no further tax would be due as this is covered by the interest allowance. If you are receiving...
Historically there used to be a huge difference in tax liability if you operated as a Ltd company rather than a sole trade, unfortunately from April 2016 the government have closed the gap. When considering setting up a Ltd company or transferring your sole trade into a company you...
In the government’s aim to slow the growing investor’s share of the residential property market, over the last few years they have introduced additional stamp duty at 3% for home owners buying second homes and from April 2017 landlords with mortgages may pay more income tax too. Prior to...
Here are some useful dates to keep in mind for the coming year. 5/4/2017– 2016/17 tax year ended, HMRC will issue notice to complete a tax return 31/7/2017– 2nd POA due for tax year 2016/17 5/10/2017– If you received untaxed income or gains during 6 April 2016 to 5...