If you’re self-employed and submitting your Self Assessment tax return, you may not have realised that you might need to make an additional payment called a payments on account (POA). Payments on account are payments made in advance towards your next year’s tax liability. How payments on account (POA) works? If your tax liability, taking …
What are payments on account and why am I due to pay them? Read More »
Tax season can be a stressful time for many – if you’re among those who find themselves unable to file on time, know that you are not alone and others have been in the same situation. In this blog post we will discuss your options if you find yourself unable to file on time, the …
The self-assessment tax deadline is quickly approaching and you may be wondering if there is any way to reduce the amount of tax you owe to HMRC. Fortunately, there are several allowances and deductions available that you may be eligible to claim. In this blog, we will explore a few examples of these allowances and …
Some Tax Reliefs Available in the UK That You May Not Know About Read More »
You found out you have to do a self assessment but the deadline to register has passed. What happens when you don’t register for Self Assessment in time? Can HMRC immediately start charging you penalties? If you became self-employed, made sizeable gains on shares or cryptoassets, became an LLP member or earned a six-figure salary …
Self Assessment Deadlines: What happens if I haven’t registered? Read More »
When the Covid-19 pandemic first struck, government guidelines were introduced encouraging people to work from home where possible. Many people found themselves fashioning new home offices into any spare space they had available. As a result of spending more time at home, household costs inevitably increased, and consequently the government allowed those working from home …
Working from home allowance, can you claim the tax relief? Read More »
HMRC is obsessed with the word customer. Their annual report for the year ended March 2022 mentions the word more than four hundred times, describing (gleefully, we anthropomorphise) how the organisation is split into four core customer-focussed groups. In good keeping with the grave case of “customerphilia” from which it suffers, these four divisions are …
About a year ago, we wrote a blog titled – Is it worth going for an electric vehicle now and should you buy the car through your business but since then the petrol costs have been through the roof and we decided it was time to write an update to the topic. Is it worth …
Electric vehicles (EV) vs ICE running cost per mile, which is better? Read More »
The average cost of childcare in the UK has been steadily rising and many families have found themselves having to plan their budget carefully to cover the required fees. According to a report by the Day Nurseries, the average cost of sending a child under two years old to a nursery part-time (25 hours per …
You received a VAT inspection, what to expect? It’s not uncommon for business owners to receive a letter from HMRC enquiring about their VAT returns. But what should you do if you get one? In this blog post, we will give you some tips on how to deal with a VAT inspection and what to …
At the start of any conversation about money, it is important to acknowledge that there are no simple answers. Money is a complex and multifaceted subject, and when it comes to things like cryptocurrency, inheritance tax, and inflation, things aren’t always straightforward. That being said, it is essential to gain a solid understanding of these …
Let’s talk money. Cryptocurrency, inheritance tax, and inflation, what should I know Read More »
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