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Allowable expenses when using home as office

by | Feb 5, 2018 | Tax News

Tips to benefit from – and traps to avoid. Working from home may be many people’s dream come true. Whether it’s the employee of a forward thinking company in need of work flexibility, or a small business looking for a cash-flow head start through the reduction...

National Insurance for Yoga Teachers

by | Feb 2, 2018 | Tax News

NI, with rates lower than Income Tax, Corporation Tax, and VAT, can be seen as the unimportant poor relation of your Self Assessment payment, but far from it – its important for your benefit entitlements, and adds perhaps a third onto a typical tax bill. First,...

Offline options for paying HMRC

by | Jan 29, 2018 | Tax News

Fewer options available for those who choose not to pay online. There have been many changes for taxpayers in the ways they can pay tax owed to HMRC. Most of these have reduced the non-online options that are available. We have seen payslips only available online...

Top five most popular self-assessment questions

by | Jan 22, 2018 | Tax News

HMRC has revealed the most popular questions – and answers. Do I need to fill in a tax return?  You’ll need to send a tax return if any of the following apply, in the last tax year: you were self-employed – you can deduct allowable expenses you got £2,500...

Paying Voluntary NI

by | Jan 9, 2018 | Tax News

Whether to pay Voluntary NI can be a vexed issue for those working part time, or transitioning from employment to self employment. Heres our new guide on the topic

Reprieved class 2 NICs

by | Jan 5, 2018 | Tax News

Threshold and contributions up before 2019 abolition. It was announced earlier in November that the government has chosen to delay the abolition of class 2 national insurance contributions (NICs) by a year until 6 April 2019. For 2018/19 the small profits threshold...

The Scottish rate of tax

by | Dec 18, 2017 | Tax News

A recap on who, what and when, designed to help with 2016/17 self-assessment tax returns. When are the changes from? From 6 April 2016 people who live in Scotland pay a proportion of their income tax to the Scottish government. The Scottish rate of income tax (SRIT),...

Making Tax Digital another step nearer

by | Dec 8, 2017 | Tax News

VAT to be all-digital from April 2019. The chancellor has announced the passage of enabling legislation in the Finance (No.2) Act 2017 allowing, subject to secondary legislation, for HMRC to require businesses to keep records digitally. VAT is the only area that must...

HMRC and SA302s for Mortgages and Loans

by | Dec 6, 2017 | Tax News

This in by email from HMRC This is a reminder that, on the 5 September, HMRC changed the way we deal with requests for copies of the SA Tax Calculation (sometimes referred to as the SA302). From that date we no longer issue paper copies of the tax calculation if the...

Budget: Income tax changes

by | Dec 1, 2017 | Tax News

The chancellor made a number of tweaks to income tax rates, rules and allowances.  The following changes will be implemented from April 2018:  Personal Allowance increase Personal allowance has been increased from £11,500 to £11,850. This means higher rate tax rates...

Christmas Shutdown 2017

by | Nov 27, 2017 | YogaTax News

Just to let clients know the Whitefield office will be closing for Christmas at midday Friday 22 December 2017, and reopening 9am Tuesday 2 January 2018. During that time, if you need urgent help on something please email, and we will do our best to help. For company...

Budgeting for a Yoga Teacher

by | Nov 24, 2017 | Tax News

We all have different strengths and weaknesses.   Mostly – but not always – Yoga Teachers come to the job from other walks of life, and some will have a good grasp of finances, some less so. A question that comes up sometimes is budgeting and forecasting, as part of...
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