by James McBrearty | Sep 25, 2017 | Blog, Personal tax, Self-employed, Start-up
The 2017 tax return year ended on 5th April 2017 – by now, nearly 6 months has passed since the end of the year so all the information to complete the tax return should be available. 31st October 2017 marks the first tax return deadline for the 2017 returns...
by James McBrearty | Sep 4, 2017 | Blog, Personal tax, Self-employed, Start-up
A deadline often missed is the one to register for a tax return should one not already have been issued by HMRC. If you have untaxed income in the year to 5th April 2017, then you must notify HMRC by 5th October 2017 so that a tax return form can be issued for...
by James McBrearty | Jul 31, 2017 | Blog, Personal tax, Self-employed, Start-up
As part of HMRC’s ongoing cost-cutting, they have recently stated their aims to eliminate cheques. However, there is a portion of the population who still use cheques regularly so this may take some time. Paying HMRC In the past people would use the HMRC payslip...
by James McBrearty | Jul 14, 2017 | Blog, Personal tax, Self-employed, Start-up
We have some excellent news – Making Tax Digital(MTD), the coming burden that many self-employed people were unaware of, has been postponed until at least 2020 (and hopefully permanently.) While improving systems and more up-to-date data for small businesses is...
by James McBrearty | Jul 3, 2017 | Blog, Personal tax, Self-employed, Start-up
The end of July marks another tax deadline – for paying the second instalment towards your 2016/17 tax liability. If you are required to make payments on account then these are calculated as 50% of your 2016 tax liability each. The first payment made by 31st...
by James McBrearty | May 15, 2017 | Blog, Personal tax, Self-employed, Start-up
Due to the upcoming election, several sections were dropped from the finance bill so that it could pass through quickly. There are quite a few sections that have been dropped, we will have to wait and see if they are reinstated after the election. The top four...
by James McBrearty | Apr 10, 2017 | Blog, Personal tax, Self-employed, Start-up
Now that the new tax year has started, you can commence preparation of your 2016/17 personal tax return. The 2017 tax return covers income and expenses in the year to 5th April 2017. Although the first deadline isn’t until October, preparing the return as soon...
by James McBrearty | Apr 3, 2017 | Blog, Personal tax, Self-employed, Start-up
People may think that the fine for a late 2016 tax return is £100… but in fact it can actually be £1600 or more. The fine applies even if you have a overpayment of tax for the year – it is quite normal to see that tax refund you would have been entitled to...
by James McBrearty | Mar 27, 2017 | Blog, Personal tax, Self-employed, Start-up
As the 2016/17 tax year draws to a close on 5th April 2017, now is the time to review whether you should replace any existing equipment. If you purchase new equipment now then you will receive tax relief straightaway in the accounts for the year to 5th April 2017...
by James McBrearty | Mar 13, 2017 | Personal tax, Self-employed, Start-up
Last week we had details announced about changes to both Class 2 and Class 4 National Insurance, to take effect from April 2018. However, this has now been revised from the National Insurance changes were announced back in March 2016, and were expected to come...
by James McBrearty | Mar 9, 2017 | Personal tax, Self-employed, Start-up
Yesterday saw the Spring Budget 2017, with several updates affecting the self-employed: Making Tax Digital(MTD) A welcome postponement of the introduction date was announced – for those who are below the VAT threshold, the first time they will have to use MTD...
by James McBrearty | Feb 13, 2017 | Blog, Personal tax, Self-employed, Start-up
We finally have some more details about MTD from HMRC, although some other details are still to be confirmed. Who will be affected by Making Tax Digital(MTD)? At present there are only two groups of people who will be affected: 1) Those with rental profits above...