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Self Assessment Season – Tips From YogaTax

by | Jan 6, 2019 | Tax News

Its Self Assessment Season for Yoga Teachers with 2017-18 returns being due in by 31 January 2019, with tax due on that date as well. In this post YogaTax MD Jessica Garbett, also a Yoga Teacher, covers a few FAQs and hot issues. First Off, What Period Does This...

VAT on vouchers

by | Dec 17, 2018 | Tax News

We are sharing this news from the ACCA, which may impact VAT registered Yoga Teachers Are you aware of how the law on VAT and vouchers is changing? From 1 January 2019, the UK law on VAT and vouchers is changing due to the deadline enforced by the EU’s Vouchers...

Christmas Office Closure 2018

by | Dec 14, 2018 | YogaTax News

Just to make people aware our office will close for the Christmas and New Year break at 3pm on Friday 21 December 2018. We will reopen at 9am on Wednesday 2 January 2019. If you have a company with a 31 March year end then please be aware that: – Corporation Tax...

Off payroll rules set to target the private sector

by | Dec 10, 2018 | Tax News

We are sharing this news from the ACCA The impact on Yoga Teachers should be low, although it you combine Yoga with other work as a freelancer / contractor then it may be of interest, especially if you use a Personal Service Company.  For Yoga Teaching it may cause...

Let property relief fallout from the Budget

by | Dec 3, 2018 | Tax News

We are sharing this news release from the ACCA which may be of general interest to anyone with a Buy to Let or other let property, including “reluctant landlords” Analysis of the CGT situation for LPR changes for landlords In the October Budget, the...

IR35 Changes from Budget 2019 and Yoga Teachers

by | Nov 5, 2018 | Tax News

The recent Budget announced the extension of reverse IR35 compliance to Private Sector Contracts from April 2020 For the most part this won’t be of any interest to Yoga Teachers, unless they work as a Freelancer / Contractor in another role as well. Our parent...

Autumn Budget 2018 – Our Summary

by | Oct 30, 2018 | Tax News

Our initial review of yesterdays Budget, including the news that reverse IR35 will come into the Private Sector from 2020, is now up on the website of our parent company, Whitefield Tax: Autumn Budget 2018 With respect to IR35, IR35 does not, never has, and cannot,...

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...
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