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...
by James McBrearty | Feb 1, 2017 | Blog, Personal tax, Self-employed, Start-up
2016 tax returns should have been submitted to HMRC by 31st January 2017 – unfortunately returns that have not been submitted will be due to pay a minimum of a £100 fine. In addition, if there is any tax due then interest is already running… To add to the...
by James McBrearty | Jan 15, 2017 | Blog, From the office, Self-employed, Start-up
For many businesses their computer is important, so being able to get timely support is critical. I recently had call to contact Lenovo with a query – their response timescale far exceeded my expectation… 10:30pm – my initial query was submitted by...
by James McBrearty | Jan 2, 2017 | Blog, Personal tax, Self-employed, Start-up
Time is fast running out to submit a 2016 tax return to HMRC, and avoid fines and penalties being charged. Although the final deadline is 31st January, realistically the deadline is only two weeks away as time has to be allowed to prepare the return. The 2016 personal...
by James McBrearty | Dec 19, 2016 | Blog, Self-employed, Start-up
“Through a combination of social media and traditional business methods, I’ve achieved much greater success than either on their own. Social media can actually save time if you use it effectively” You can find my “more time and money via social media”...
by James McBrearty | Dec 12, 2016 | Blog, Personal tax, Self-employed, Start-up
It is very important to stay ahead of the business results, as this information will be key when it comes to tax planning. Completing your accounts soon after the year end is important so you are not surprised by the upcoming tax liability. If you leave things until...