Countdown to HMRC Digital Income Tax in 2023
NOW POSTPONED to 2024: Making Tax Digital postponed until 2024 (taxhelp.uk.com) HMRC has recently announced the proposed timescale to introduce the next stage of Making Tax Digital (MTD) for Income Tax. Who does HMRC Digital Income Tax affect? Previously MTD
taxhelp celebrates 14 years in business
I started taxhelp.uk.com back in 2006, specifically to help the self-employed and individuals with their personal tax. Having helped many clients through the last downturn in the economy, from 2008 – 2013, I am sure that their will again be
When is the best time to start a small business?
You could actually find that it may be during a downturn… as many perceived obstacles are actually opportunities if you are aware of them and take advantage. Having started my own business in 2006, I have both grown my own
Confirmation of payee for bank payments
In order to reduce fraud, confirmation of payee has been introduced for bank payments. This service aims to tie up payments to the correct account name, whereas in the past only the sort code and account number was used. At
Small Business Saturday 2020 & the #SmallBiz100
Many people will be looking to promote their business in the current market, something I can highly recommend is Small Business Saturday and also the Small Business Saturday 100. There are many great opportunities to gain publicity for your small
SEISS second payment announced
The Self Employed Income Support Scheme (SEISS) has been extended to cover a further period of three months. The second payment, which will be the final one under the SEISS scheme, is to be capped at £6,570. The second grant
WFH – Homeworking Expenses for Employees
With many employees currently working from home, there have been two welcome concessions for HMRC regarding the tax treatment of expenses. Personal purchases of equipment to be used for work purposes. Tax relief on homeworking expenses. Personal purchases of equipment
Remember that SEISS grants are taxable income
This week should see the first payments from the Self Employed Income Support Scheme (SEISS) being made to claimant’s bank accounts. However, it is important to remember that this grant is classed as taxable income and will need to be
Claiming the HMRC SEISS grant
HMRC has been able to move up the expected timescale for claims under the Self-Employment Income Support Scheme (SEISS.) They are now starting to contact those who qualify, and aim to have contacted them on how to proceed with a
Bounce back loans launched
The government has launched the bounce back loan scheme, which may be of interest to you or someone you know. These are loans of between £2,000 and £50,000 over 6 years specifically for small business. They are available up to a maximum loan
HMRC notice to complete a 2020 tax return
HMRC has been issuing the notices to complete 2020 tax returns – if these arrive in the post they are called a SA316 form. If you have a personal tax account, then you will receive a message (as above) containing
HMRC 2020 tax refunds in only 7 days
Due to starting preparation work early, I was able to submit the first 2019/20 tax returns online to HMRC on Monday 6th April. These were processed by HMRC online next day, and in the case of refunds these then started
