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As a Director do I need to file a Self Assessment Income Tax Return?
/in 2020, 2021, Income tax, Investments, Landlords, Lettings, Limited companies, Limited company, Self-assessment, Tax credits, Taxfile, Uncategorized, Undeclared income/by TaxfileHMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return. If as a director you have been requested to submit a self assessment tax return, but have […]
Act NOW & get 5% Off 2019-20 Self-Assessment Tax Return Fees
/in 2019, 2020, Accountancy, Accountants, Battersea, Dulwich, Self-assessment, Tax, Tax accountant, Tax accountants, Tax advice, Tax advisers, Tax return, Tax returns, Tulse Hill/by MarkHave you contacted us about your 2019-20 Self Assessment tax return yet?
If not, please get in touch early this month (November). You’ll save 5% or more¹ by acting right away. You’ll also avoid the coming bottleneck if you act now. So, please …
How To Help Your Accountant Save You Money
/in 2020, Accountants, Bookkeeping, Corporation tax, Income & Expenditure, Limited companies, Limited company, P11D, Software packages, Tax, Tax accountant, Tax accountants, Tax calculation, Taxfile, VAT, Xero/by TaxfileThere are many benefits of helping your accountant by providing complete and organised records from the outset. Here are some of them: If you get your records to your accountant on time, you will give them enough time to work on your case without unnecessary pressure and file everything on time (don’t forget you are […]
Need a Limited Company? Questions you may be asking yourself
/in 2020, Accountancy, Accountants, Accounts, Book keeping, Bookkeeping, Capital assets, Corporation tax, Dividends, HMRC, Income & Expenditure, Limited companies, Limited company, P11D, PAYE, Payroll, Tax, Tax calculation, Value Added Tax, VAT/by Taxfile“What are the main differences between being self-employed and running a limited company?” “What are the advantages and disadvantages of having a private limited company?” The major difference between running a private limited company and being self-employed are the administrative requirements you are required to do by law & although the volume is more, the […]
Self-Employment Income Support Scheme (SEISS) Deadlines and Extensions
/in 2020, 2021, Coronavirus, COVID-19, HM Revenue and Customs, Pandemic, Partnership, SEISS, Self-employed, Sole traders, Uncategorized/by TaxfileThe deadline for the 2nd SEISS grant looms, please apply before it is too late. The second SEISS grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. If you’re eligible and your business has been adversely […]
Small Trader? Make the Most of These 2 Allowances!
/in Accountancy, Class 2 NICs, expenses, Income tax, Landlords, Lettings income, property, Self-assessment, Small traders, Tax, Tax advice, Tax-free allowance, Taxes, Trading Income Allowance, Tulse Hill/by MarkSmall traders with very modest incomes are currently eligible for a couple of very useful allowances. Both of these could save them money — and some paperwork …
Don’t Miss THIS on your Tax Return! (Checklist)
/in 2020, Accountancy, Accountants, Self-assessment, South London, Tax, Tax return, Tax returns/by MarkThe standard Self-Assessment Tax Return includes all the usual areas that you’d expect to have to confirm to HMRC. These include the obvious things like personal details, information about income for the period in question, any assets, dividends, interest received, pensions and so on.
However, there are a number of additional areas that you need to check and confirm before the return is submitted and filed with HMRC. It’s not an exhaustive list, but things people sometimes miss and that you need to check you have allowed for (if applicable) include …
Bounce Back Loans for Struggling Businesses: Ending 30 November!
/in 2020, BBLS, Bounce Back Loan Scheme, Chancellor of the Exchequer, Coronavirus, COVID-19, Government support, Pandemic/by MarkIf your small or medium-sized business has struggled due to adverse trading conditions caused by the pandemic, it may be eligible for a support loan through the Government’s Bounce Back Loan Scheme (‘BBLS’). However, time is running out — you only have until 4 November 2020* to arrange the loan with a lender. That’s just a few weeks away at time of writing. There are some great features, so don’t miss out if you need financial support …
Job Support Scheme Replaces the Job Retention Scheme from 1st November 2020
/in 2020, 2021, Chancellor of the Exchequer, coronavirus, COVID-19, Government support, Pandemic, PAYE, Self-assessment, Self-employed, VAT/by TaxfileThe Job Retention Scheme (JRS) winds down at the end of October. It will be followed, for the next six months, by a new job support scheme, which subsidises the wages of employees working at least a third of their normal hours, to further support viable UK employers who face lower demands due to COVID-19.
In an attempt to keep employees attached to the workforce, the Government will be introducing a new Job Support Scheme from 1 November 2020, where employees will need to work a minimum of 33% of their usual hours.
For every hour not worked the employer and the Government will each pay one third of the employee’s usual pay. The government contribution will be capped at £697.92 per month.
Employees using the scheme will receive at least 77% of their pay (where the Government contribution has not been capped) & the employer will be reimbursed in arrears for the government contribution. The employee must not be on a redundancy notice.
The scheme will run for six months from 1 November 2020 and is open to all employers with a UK bank account and a UK PAYE scheme.
All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large businesses will be required to demonstrate that
Making Tax Digital for Income Tax Self Assessment (MTD IT). Are you ready?
/in Buy to let, HM Revenue and Customs, HMRC, Income & Expenditure, Income tax, Landlords, Making Tax Digital, MTD, Self-assessment, Self-employed, Software packages, Sole traders, Tax return, Tax returns, Taxes, Taxfile/by TaxfileThe Government has now pencilled in what they regard as a firm date to implement MTD for IT, for all landlords and business owners that have an income above £10,000. The next accounting period starting on or after 06/04/2023 that meet the above mentioned criteria will need to be compiled & submitted via MTD-compatible software. […]