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As a barrister you are treated as self employed by HM Revenue and Customs. Historically barristers computed their professional profits for tax purposes on a “cash basis.” Fees were brought into account only when received, and expenses only when paid. From fiscal year 1999/00, it is required that all professionals including most barristers to compute […]
Payments on account are normally required from any taxpayer who is assessed to income tax, of any amount, for the preceding tax year (HM Revenue and Customs). These payments are due by the end January and July each year. You will be asked to make two payments on account for the current tax year if […]
Business Payment Support Service (BPSS) was launched on 24 November 2008. This service is designed to support businesses having trouble payment their tax bills in the current economic crisis. Very important to realise is that this service does not deal with anyone that has already made a payment arrangement with HMRC . Also, the BPSS […]
IR35 is an Intermediaries legislation which took effect from April 2000. According to HMRC, the aim of IR35 is “to eliminate the avoidance of tax and National Insurance Contributions (NICs) through the use of intermediaries, such as Personal Service Companies or partnerships, in circumstances where an individual worker would otherwise – •For tax purposes, be […]
According to the HMRC, during a tax investigation, meetings between the taxpayer and the tax inspector play a vital role. Why is that? Because according to HMRC, this is the easiest way to obtain information about the taxpayer’s business and settle the enquiry faster. Also, meetings between the taxpayer and the tax inspector ”ensure that, […]
As resident in the UK you are being taxed on an Arising basis. Arising Basis of Taxation means you will pay UK tax on all of your income as it arises and on your gains as they accrue, wherever that income and those gains are in the world. The Remittance Basis of Taxation is an […]
If you work for someone else, it is important to know whether you are working for that person as employed or self-employed as an independent contractor. If you are the one having to employ somebody, it is your responsibility to correctly determine the employment status of that person. A worker’s employment status will determine the […]
Commercial letting is defined as ‘let on a commercial basis and with a view to the realisation of profits’. Accommodation is furnished if the tenant is entitled to use of sufficient furniture. It will generally be necessary to calculate the furnished holiday lettings profit or loss separately from the rest of the rental business. If […]
Capital allowances are set by the government at fixed rates at which a business can claim the expenditure on fixed assets against the taxable profit. From April 2008 the 50 per cent and 40 per cent first year allowances was replaced with a 100 per cent Annual Investment Allowance for capital purchases in any one […]
On Wednesday of this week Chancellor of the Exchequer, Alistair Darling gave the Budget. We would like to present you some of the main points of the Budget: • VAT: the VAT rate, now 15%, will return back to the standard rate of 17.5% from 1st January 2010. • Companies’ loss carry back for business: […]
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