Entries by Taxfile

Childminders and tax

/in , , , , , , , , /by

Registered childminders are people that work in their own homes to provide care and learning opportunities for other people’s children. Childminders need to declare their income from their self-employment by filling in a self-assessment tax return every year. Many childminders are members of the National Childminding Association (NCMA).The NCMA had an agreement with with HMRC […]

Foster Carers and their tax relief

/in , , , , , , , , , /by

Fostering is looking after someone else’s children in your own home at a time when his or her family is unable to do so. Foster care relief applies to people who get income from providing foster care to children and young people. Anyone receiving this type of income is considered by the tax office to […]

Taxfile: 31st October 2008 deadline

/in , , , , , , , /by

The deadline for submitting the details of your income and gains on your Self Assessment Tax Return is still the 31st January. However HMRC has now brought in place a new “paper form” deadline this year to go with the new-style green forms, the final day for submission of these is 31st October. Almost all […]

National Minimum Wage

/in , , , , /by

Minimum Wage is defined as the lowest wage payable to most employees as fixed by law or union agreement. There are three different rates of Minimum Wage: •Adults’ rate for workers aged 22 and over •Development rate for those aged between 18 and 21 •Young people’s rate for those older than school leaving age and […]

Clothing: Wholly and Exclusively for trade purposes

/in , , , , , , /by

When dealing with self-employment expenses, great care needs to be taken. An expense needs to have incurred wholly and exclusively for the purpose of the trade in order to be considered allowable. Some expenses by their very nature have a non-trade use and so are disallowed by the Tax Man. So it is the case […]

Pension Contributions and Tax Relief

/in , , , , , /by

Do I get tax relief on my pension contributions? This is something we hear a lot from our clients. The answer is yes, you do get tax relief on pension contributions, being a good way to save for retirement. The way you get tax relief on pension contributions depends on whether you pay into a […]

Workers in Construction Industry Scheme

/in , , , , , , , , , /by

We recently came across a client who got very confused about becoming a limited company and his tax position. If people are both self employed and/or employed and they only work part of a tax year on that basis, it is likely that they would not have time and understanding of the implications of becoming […]

VAT Accounting Schemes

/in , , , , , , , , , , /by

Using Standard VAT Accounting, we must complete four VAT returns each year. Any VAT due is payable quarterly, and any VAT refunds due are also repayable quarterly. In contrast to standard VAT accounting, there are several alternative ways we can account for VAT that could save us time and money. Each of the schemes has […]