From April 2017 there were 2 new annual tax allowances for individuals of £1,000 each, one for trading and one for property income. The trading allowance will also apply to certain miscellaneous income from providing assets or services. Where the allowances cover all of an individual’s relevant income (before expenses) then they will no longer…
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Top tip- keep business and personal finances separate by opening a separate business bank account and be meticulous in how you spend money from it. One of the easiest ways to open a business account is to make an appointment at your local branch and speak to an advisor. Explain that you wish to open…
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MTD presentation LeeP Accountants Jun 17 Confused or bemused by HMRC’s Making Tax Digital (MTD)? What does Making Tax Digital really mean? How will it affect you? Does MTD mean quarterly reporting? Is my business exempted from Making Tax Digital? What’s New? On 13 July 2017 the government announced that MTD would be delayed for business until…
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In general, money you earn from hosting is income and will be subject to tax. However depending on the amount you earn from hosting, it may or may not need to be declared to HM Revenue & Customs. So what’s the current situation? If you’re renting out your entire or even just a room of…
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Did you know that the VAT Flat Rate Scheme (FRS) changed from April 2017? From April you needed to do a calculation to check that you were not a “Limited Cost Trader” which meant that instead of using your FRS % for your trading (SIC) code, you will need to use 16.5%? This almost completely eliminates…
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It’s that time of year. The time when we all start looking at our pile of receipts and mountain of tax forms with dread. When preparing your tax return, even a little mistake can cause problems. You could end up with a larger tax bill than you should, your refund could be delayed, or ever…
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