If you are a sole trader or property landlord change is on the way. Making Tax Digital (MTD) will become mandatory for not only VAT-registered businesses but sole traders and property landlords. Making Tax Digital for Income Tax Self-Assessment (ITSA) will apply to individuals from April 2024, if their total gross income from self-employment and […]
New grant opportunities have been announced by the Government. The new grants will help farmers boost their businesses and add extra value to their produce. The ‘Adding Value’ grant opened for applications on 9th June 2022 and will close on 21st July 2022. The funding available will be offered in sums between £25,000 and £300,000.
There are many reasons to encourage the use of electric cars such as lower running costs, environmental advantages and reduced noise pollution. There are also tax benefits. The benefit-in-kind (BIK) due on company cars can be significantly reduced. This means that company car drivers who switch to an electric car should see their tax bill significantly reduced.
The general rule applies that there is no tax relief for the ordinary commute to work. The term ‘ordinary commuting’ is defined as the travel between a permanent workplace and home or any other place that is not a workplace. It has also been confirmed that travel between home and a permanent workplace is ordinary
There were a record number of fraudsters targeting taxpayers with scam emails, texts and calls in the run up to the deadline for submission of self-assessment returns for 2020-21. HMRC received more than 570,000 reports over the last year about suspicious HMRC contacts. You may have received a call too? The scams were telling taxpayers
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Did you know? If you are working from home, you may be able to claim tax relief for some of the bills you pay related to your work. Employees can be reimbursed by their employers for any additional household expenses incurred through regularly working from home. This relief covers expenses such as business telephone calls,
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers should try and pay their tax bill by 31 January 2022 otherwise
Did you know that some businesses or self-employed people may be eligible to receive support with when and how they pay their tax through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities up to £30,000. Taxpayers that qualify for
Completing a self-assessment return can be for a number of reasons such as you are self-employed, a company director, have an annual income over £100,000 or have an income from savings, investments or property. Individuals that need to complete a self-assessment return for the first time should inform HMRC as soon as possible. The latest
If you are a sole trader, you run your own business and you are known as self-employed by HMRC. As a sole trader, you are responsible for any losses your business makes, however you can keep all your business’s profits after you have paid tax on them. The first step to becoming a sole trader