Author Archives: Taxfile
New ISA rate
Individual Savings accounts (ISAs) allow people to save or invest up to a limited amount of money without paying money on the interest gained. In this year’s budget, Alistair Darling announced new limits for the ISA for the year starting … Continue reading
HMRC is phasing out paper VAT returns
From 1 April 2010, most VAT registered businesses will be required to submit all VAT returns online and make payments electronically. If your business either has an annual turnover of £100,000 or you register for the first time (or become … Continue reading
Ministers of religion and their allowable expenses
There are certain expenses that you can claim as a minister of religion as long as they are incurred wholly and exclusively for the duties of the office or employment. • The cost of ministry journeys from one place of … Continue reading
31st January Deadline
If you have not submitted your tax return to HM Revenue and Customs already, you must do it online by the end of this month. If HMRC receive your tax return after 31 January you will be liable for a … Continue reading
PBR 2009 and the taxpayer
The 2009 Pre-Budget Report was published on 9 December 2009. The Report covers a lot of issues but we will only focus on the ones affecting self employed individuals. According to the Pre-Budget Report 2009, the tax rates and thresholds … Continue reading
Venture Capital Trust (VCTs) and tax
Venture Capital Trusts were schemes introduced in 1995 to encourage individuals to invest in high-risk trading companies. With a VCT the risk of the investment is spread over a number of companies. VCTs must be approved by HMRC and must … Continue reading
31st October Deadline
If you would like to send your tax return for the year ended on 5th April 2009 by paper, you would have to do it by the end of this month. Very important to remember is that the tax return … Continue reading
Interest in Land and Property
As a landlord or a property investor, you are able to claim interest relief by offsetting it against your lettings income. So even if you have an interest-only mortgage or a repayment one you can still claim the interest.Also if … Continue reading