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Tax allowances available when working from home

by | Jan 10, 2020 | Tax News

The reliefs employees and those who are self-employed can claim when they work from home will depend on a number of conditions.  Employees working from home It is a condition for tax relief under section 336 ITEPA 2003 that the expenses must be incurred ‘wholly and...

Self assessment and tax returns from directors

by | Jan 6, 2020 | Tax News

Not all directors now have an obligation to file a tax return. HMRC has made changes to its guidance on the requirement to file tax returns by directors. The guidance removed the previous statements suggesting all directors have an obligation to file tax returns. The...

Don’t forget the state pension!

by | Dec 9, 2019 | Tax News

A handy guide to help you review your state pension provision. An overhaul in April 2016 replaced the old two-tier system with a flat-rate state pension, which is now (in 2019/20) £168.60 per week. However, the amount a person is entitled to depends on their National...

MTD – VAT return letters wrong

by | Nov 4, 2019 | Tax News

HMRC is aware that some ‘VAT notice of assessment of tax’ letters recently sent to Making Tax Digital customers were issued in error. If the business has already submitted the VAT return in question and paid the tax due/received its repayment, it can...

ACCA Latest Brexit Guidance

by | Nov 1, 2019 | Tax News

With the date for Brexit now extended beyond 31 October, ACCA summarises some of the latest Brexit Guidance for businesses  Landlords: right to rent There will be no changes to the right to rent for EU, EEA and Swiss citizens and their family members living in the UK...

Student loan repayments – a refresher

by | Oct 25, 2019 | Tax News

Guidance for England and Wales domiciled students who studied in the UK and EU students who studied in England or Wales. For taxpayers who took out student loans to fund courses in England and Wales starting on or after August 1998, the repayments of the loan depend...

VAT: Tour operators margin scheme

by | Oct 11, 2019 | Tax News

If you run retreats with packed accommodation and are VAT registered the Tour Operators Margin Scheme could save you VAT New guidance as to what the selling price should and should not include The guidance around the Tour Operators Margin Scheme (VAT Notice 709/5) has...

Comparing Business Structures for Yoga Teachers

by | Oct 4, 2019 | Tax News

Yoga Teachers are running businesses, and so need to think about structure. For many Sole Trader is the default choice and works well. Its important to know the structure of your business as this effects your registration obligations, how you are taxed and other...

Probate and its hidden dangers

by | Sep 27, 2019 | Tax News

A timely warning – When administering an estate can result in a financial loss.  A personal representative of an estate has various responsibilities. If the will names the person or entity who is to deal with the estate that person or entity is referred to as...