Airbnb Income – How Will It Impact Me?

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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The VAT Flat Rate Scheme changed from April 2017! Did it impact you?

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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Top 5 Tax Mistakes That Cost You Money

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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How To Be Smart About The High Income Child Benefit Charge

Child Benefit Child Benefit can be paid to everyone in the UK who has children, but if you’re a higher-income family, you’ll have to pay extra tax called a High Income Tax Charge, if you choose to keep getting it. The extra tax you pay will effectively cancel out some or all of your Child Benefit….

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Switching Accountants – The How To Guide – As Easy As 123

Changing Accountants Switching your accountant, much the same as switching your gas and electricity supplier, can feel like a stressful task that you want to avoid even when you’re not fully satisfied with the services you’re getting. Sometimes people just want to avoid those awkward “goodbyes” and think that they have to endure this when…

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How To Avoid Late Filing Penalties – Self Assessment Tax Return

Many business owners will know that there are a few deadlines they face when running their own business. The most infamous deadline being their Self Assessment Tax Return. The deadline for this is almost invariably 31st January of the year following the tax year, so the deadline for the 16-17 tax year is 31st January…

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