So What’s This 31st July Payment On Account Deadline And Does It Apply To Me? A Payment on Account is a tax payment made twice a year by self-employed people in order to spread the cost of the year’s tax. It is calculated by looking at your previous year’s tax bill, and is due in…
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Bit of surplus cash? Here’s how to invest tax efficiently….
So, you have a bit of surplus cash and you want to make sure it is invested as tax efficiently as possible… What about Stocks and Shares? 1. Share-based investments You could buy shares… These could be shares from a private or, if you knew what you were investing in, a public (plc) company such…
Read MoreI Only Earn A Small Amount Of Rental Income (Inc. Airbnb Income)- Do I Have To Declare It?
I have been asked this question many times and the answer is invariably the same – “As a UK resident with any rental income you most certainly do need to declare your rental income”. There is no such thing as a minimal level which HMRC would not be interested in. Whether you have to pay…
Read MoreIt’s The End Of The Tax Year And I Haven’t Started My Books! Help!
No one likes tax season, but unfortunately, you can’t ignore it altogether. And if that was your plan for this year, you could be looking at quite a hefty tax bill. But don’t worry, if you’ve been a bit negligent with your bookkeeping, all is not lost. There are still steps you can take to…
Read MoreMTD Has Been Delayed By 1 year For Some SMEs
12 Month Delay In the Spring Budget this year, Hammond said, that unincorporated businesses with a turnover below the VAT registration threshold would be allowed to delay the introduction of quarterly reporting by one year – “This will provide them with more time to prepare for digital record keeping and quarterly updates.” Furthermore – following…
Read MoreVAT or not to VAT? That is the question – LeeP Accountant’s guide to VAT
The compulsory registration requirements for VAT is either when: a) your taxable supplies exceed £83,000 (£85,000 in 17/18 as shared in Hammonds Spring budget last week); or b) there are reasonable grounds to believe that your taxable supplies in the next 30 days WILL exceed £83,000 (for example of you’ve just secured a large contract)….
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