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Proposed Class II NI abolition deferred

by | Sep 6, 2018 | Tax News

BBC News are reporting that the abolition of Class II Self Employed NI, set for April 2019, has been scrapped. How much fiscal change this makes isn’t clear – at £2.95 a week it’s not a huge cost, and the proposal was to adjust – read increase –...

Knowing the Rules on Business Expenses

by | Jul 31, 2018 | Tax News

A perennial question is “Can I claim for…”. The law around claiming expenses for the self employed and in company accounts is that the expense must be “wholly and exclusively” for business.  Confusingly for sole traders something that is both private...

Help and Guidance from YogaTax

by | Jul 16, 2018 | YogaTax News

Did you know there are over sixty help sheets for Yoga Teachers on our website? Heres a list – and if there is a topic not covered, let us know Setting Up Basic Principles of Tax Choice of Structure – Sole Trader, Partnership or Company? Registering With HMRC...

Don’t miss out on trading allowances

by | Jun 27, 2018 | Tax News

Two new £1,000 tax-free allowances came into play from April 2017. For the tax year 2017/18 we saw the introduction of two new £1,000 tax-free allowances. Both are available from 6 April 2017 and are the property allowance and the trading allowance.  Allowances The...

HMRC changes its digital tax priorities

by | May 22, 2018 | Tax News

Brexit implications will delay HMRC projects. HMRC has confirmed to ACCA and other professional bodies that various projects currently in operation will either stop or be paused due to BREXIT ‘challenges’. The confirmations came after the issues were discussed at a...

MTD for VAT is coming

by | May 14, 2018 | Tax News

Since mainstream Making Tax Digital (MTD) was delayed, time has passed quickly and many businesses thoughts have passed to more pleasant things like tax returns and GDPR! But MTD is back on the horizon and it will impact on VAT shortly. What changes does MTD for VAT...

Data Protection and GDPR

by | May 11, 2018 | Tax News

We’ve added – a bit late sorry – some guidance around GDPR and Data Protection, in light of the new rules from 25 May 2018. The guidance in this document is aimed at individual teachers and small studios.  Please remember we are accountants and...

VAT for Yoga Teachers – a new guide

by | May 11, 2018 | Tax News

When I started YogaTax I had no idea that vat would be such a prominent issue amongst our clients, however it is, and it seems to cause the most problems. We’ve revamped and expanded our vat guidance, and hope its helpful: Our guidance on vat is split over the...

VAT Flat Rate Scheme and Yoga Teachers

by | May 8, 2018 | Tax News

Because of both the retail nature of a yoga business, and the high labour element of sales price, VAT registration for a yoga business can be expensive, and something to be avoided if possible, eg by a restructure on commercial lines into two or more separate...

Extending tax relief for SME training

by | May 1, 2018 | Tax News

SMEs are being consulted on changes which will encourage further training of staff. The government has published Taxation of self-funded work-related training: Consultation on the extension of tax relief for training by employees and the self-employed. Changes...
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