VAT bad debt relief

Sep 05, 2017

If you use standard VAT accounting – pay VAT on sales when invoiced and claim back VAT on purchases when invoiced – you may have availed yourself of the six months claim for bad debt relief on unpaid…

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Claiming back professional subscriptions

Sep 05, 2017

If your employment requires that you obtain and maintain membership of a professional organisation, you can make a claim to set the cost against your taxable earnings for income tax purposes. As you…

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Evidence of earning for mortgage purposes

Sep 05, 2017

If you are a client, and registered to submit a Self Assessment tax return, we can provide you with a statement that you can use as evidence of earnings for mortgage purposes.

If you are not…

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Tax Diary September/October 2017

Sep 05, 2017

1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016.

19 September 2017 - PAYE and NIC deductions due for month ended 5 September 2017. (If you pay your tax…

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Self employed taxed on profits not drawings

Aug 31, 2017

We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business as “wages”.

In truth, the self-employed do not…

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Pension scams

Aug 30, 2017

The government has proposed a wide-ranging ban to prevent pension scams. The consultation listed the sorts of phone conversations that the government intends to fall within the scope of the ban. These…

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Where is my profit, it is not in the bank

Aug 23, 2017

This is a question we are regularly asked by clients. Usually, the conversation is triggered when we discuss the end of year accounts.

Before we explain why profits are not always represented…

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Rent a room at home tax free

Aug 22, 2017

On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current tax year, there is nothing you need to do, this income is free…

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Involving children in your business

Aug 16, 2017

Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution.

Giving shares in your company to minor children is perfectly possible,…

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