by admin | Feb 3, 2020 | Uncategorized
The day has finally arrived when you make that crucial decision of following your dream by manifesting this great you have had all along. You quit your job and gather enough financials from your savings and other sources to start your own startup. The limited...
by admin | Feb 6, 2019 | Uncategorized
Based on recent years HMRC will potentially issue at least 1 million late filing penalties. It is important to be ahead of the game in terms of advising clients who have failed to meet the filing obligation and to be able to address disputes with HMRC. Finance Act...
by admin | Jan 14, 2019 | Uncategorized
Many company owners work from home, this note looks at how you may obtain tax relief on the cost of converting the spare room, or building a deluxe summerhouse to serve as an office in the garden. A director can reclaim any expenses incurred when working from...
by admin | Jan 7, 2019 | LLP
Partnership income is computed for the whole partnership by reference to the various sources of income for each accounting period. However, the legislation also says that for each tax year in which a firm carries on a trade, each partner’s share of the...
by admin | Jan 2, 2019 | Uncategorized
A tax investigation could cost you money even if you’ve done nothing wrong. HMRC FACTS £33 Billion is the estimated tax gap between what HMRC should collect and what it does collect. £17 Billion is attributed to Small Businesses (£14bn) and Individuals (£3bn). Tax and...
by admin | Dec 27, 2018 | Uncategorized
From 1st January 2019, an EU wide change to the VAT place of supply rules will be implemented that will affect MOSS registered businesses who are established in the EU. What is changing? An £8,818 annual threshold (total value, exclusive of VAT) for cross border...
by admin | Dec 26, 2018 | Limited Company, Personal Tax, Tax Issues
How do you tax Bitcoin? Are cryptocurrency or cryptoasset gains or profits taxable? Can you obtain tax relief if you make losses on Bitcoin? How do you tax Ethereum profits? Gains on transactions in cryptoassets, of which Bitcoin is a cryptocurrency are potentially...
by admin | Dec 26, 2018 | Limited Company, Uncategorized
After several recent tribunal cases on the subject HMRC have amended its guidance about whether a director has to file a tax return. The guidance now states that where all of a director’s income is taxed at source and there is no further tax to pay, they do not have...
by admin | Sep 6, 2018 | Accounting Issues, Landlord, Motor Vehicle
Landlords in the UK with an unincorporated property business can claim mileage rates to reduce the tax on property. The mileage claim is in the form of a deduction in transport expense, which can be used as an alternative to capital allowances based on actual costs...
by admin | Sep 6, 2018 | Accounting Issues, Landlord
The steady increase in house prices in the UK have made owning a property increasingly difficulty. That’s why a lot of individuals are jointly owning properties to earn rental income. Rental incomes are subject to tax, and this Due to rising house prices, joint...
