The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored. Taxpayers who are within self-assessment will need to pay any
Struggling to Pay Tax – What Should You Do? Read More »
Confidentiality is one of the basic business etiquettes. It not only boosts your client’s trust in you but also fulfils your legal responsibility by protecting sensitive information. In case if confidential information is leaked, your business may face terrible consequences. Therefore, you need to understand what actually confidentiality is, why is confidentiality important in business,
Why is Confidentiality Important in Business? Read More »
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided. The exception to this is where a notice to file a return for 2020/21 was issued after 31 October 2021, in which case the filing deadline is three months from
Payments on Account – Who Needs to Pay and How are They Calculated? Read More »
If you already own at least one property and you buy a residential property in England or Northern Ireland, you may have to pay the stamp duty land tax (SDLT) surcharge. This can significantly add to the cost of buying a property. Higher rates of land and building transaction tax (LBTT) apply to the purchase
Will you Have to Pay the SDLT Surcharge? Read More »
When it comes to let properties, furnished holiday lettings (FHL) are a special case and benefit from a number of concessions not available to standard lets. The concessions are only available if the property meets the tax tests to qualify it as a furnished holiday letting – the fact that it may be let out
Capital Allowances and Furnished Holiday Lettings Read More »
In today’s competitive business environment, the knowledge of being able to identify target markets can make or break your business. It would be costly to invest time and money in marketing that reaches no one. But once you know the target audience, sales increase. Not only is it good practice to know how to spot
How to Identify Your Target Markets & Boost Sales Fast Read More »
Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment made on account of the associated tax liability. The good news is that taxpayers now have longer to tell HMRC about the gain and to pay the tax. When
Reporting and Paying Tax on UK Residential Property Gains Read More »
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronically before making any salary or wage payments. To ensure that the right amount of tax is deducted the employer uses the Code issued by HMRC. However, every PAYE Code Number is an estimate, since HMRC cannot guarantee the allowances or deductions included in
‘Dynamic’ PAYE Tax Coding Read More »
The government receives its tax money on different dates depending upon the type of tax charged. Taxpayers taxed under PAYE usually pay their tax bills monthly; the self-employed make two Payments on account plus a balancing payment, companies pay nine months and one day after the company year-end and ‘Large Companies’ (broadly those with profits
The Future for Tax Payments Read More »
When it comes to managing your business finances, timing is everything. One of the key concepts that ensures accuracy and consistency is the matching principle accounting. This concept requires expenses to be recorded in the same accounting period as the related revenue is generated. The accounting matching principle is a key part of accrual accounting,
What is the Matching Principle Accounting? How It Works & Why It Matters Read More »
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