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SE21 8JP.
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Business Payment Support Service
/in BPSS, Business Payment Support Service, Corporation tax, HMRC, National Insurance, South London/by TaxfileBusiness 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 […]
Taxfile: Introduction to IR35
/in Contractor, HMRC, IR, NIC's, Tax, Tax advice/by TaxfileIR35 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 […]
Enquiry Meeting: One Big Interview
/in Enquiry meeting, HMRC, Tax agents, Tax enquiry, tax inspector/by TaxfileAccording 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, […]
Arising and Remittance basis of taxation
/in Arising basis, HMRC, Non ordinary resident, Non-domiciled residents, RBC, remittance basis, Remittance Basis Charge, South London, Tax accountants, Tax advice, Tax agents/by TaxfileAs 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 […]
Employed or Self Employed?
/in Employee, Employer, HMRC, National Insurance, PAYE, Self-employed, Tax advice, Tax agents/by TaxfileIf 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 of furnished holiday accommodation and tax
/in CGT, EEA, FHL, Furnished Holiday Lettings, Landlords, Lettings income, South London, Tax, Tax advice, Tax advisers, Tax agents/by TaxfileCommercial 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 […]
Annual Investment Allowance
/in AIA, Annual Investment Allowance, Capital allowances, Capital gains tax, HMRC, Tax relief, writing down allowance/by TaxfileCapital 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 […]
Deferred tax scheme for loss-making companies
/in Accountants, Corporation tax, Income tax, South London, Tax/by MarkOne of the better tax-related things to come out of the Chancellor’s recent budget is the potential help some struggling companies may receive from HMRC. Companies who anticipate making a trading loss in the current tax year may be allowed to take the anticipated loss into account earlier than previously possible, when scheduling payments of […]
HMRC launch ‘Tax Matters’ educational site
/in HM Revenue and Customs, HMRC, Tax/by Mark“Tax Matters” is the new educational website from HM Revenue & Customs, aimed particularly at young people aged between 11 and 19, although also being a resource for anyone wishing to learn more about taxation and public services. The main areas explored on the site are Income Tax, National Insurance and ‘Tax & Society’, an […]
London Employers – beat the 19 May deadline!
/in Accountants, Filing deadlines, London, Multilingual staff, Online returns, South London, Tax/by MarkIf you are one of London’s 165,000 employers, you only have a matter of days to meet the deadline for filing your Employer Annual Returns — the deadline is 19 May! Miss it and you could end up with a costly penalty for filing late. HM Revenue & Customs (HMRC) also requires large employers (that’s […]