Tax and Business Articles

Tax regulations are constantly changing, so it is important to keep up to date. This is where I share the latest news.

SEISS second payment announced

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 will open for applications in August, and...

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WFH – Homeworking Expenses for Employees

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...

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Remember that SEISS grants are taxable income

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 accounted for. How much to set...

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Claiming the HMRC SEISS grant

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 claim, within the next few weeks....

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Bounce back loans launched

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 amount...

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HMRC notice to complete a 2020 tax return

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 the same information. These notices to complete a tax...

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HMRC 2020 tax refunds in only 7 days

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 their journey through HMRC's checks and systems...

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Adapting consultancy businesses during the lockdown

Adapting consultancy businesses during the lockdown

This is a sample handout from my online course - start and grow your own consultancy small business from home. During the current situation, there are many technologies that you can employ to continue helping others through your consultancy business even though you...

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HMRC 2020 Paper Tax Return Form SA100

HMRC 2020 Paper Tax Return Form SA100

Every year, one of the issues people without an adviser face online is actually trying to find the tax return form itself to complete.This year it is especially important, as HMRC have announced that they are no longer automatically issuing blank printed tax return...

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Equipment recommendations for working from home (WFH)

Equipment recommendations for working from home (WFH)

This is a sample lecture from my online course - start and grow your own consultancy small business from home. When people start out in business they can be unsure of what equipment they need – and can either waste huge amounts of money on unnecessary items, or else...

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Government help for the self-employed due to coronavirus

Government help for the self-employed due to coronavirus

The chancellor has just announced the Self-employed Income Support Scheme, due to the coronavirus situation. The scheme aims to pay 80% of self-employed profits, as a taxable cash grant, up to a maximum of £2,500 per month. The scheme is planned to last for a minimum...

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National Insurance threshold increase 2020/21

National Insurance threshold increase 2020/21

From 6th April 2020, the threshold for national insurance is increasing. The new threshold will be £9,500 and will apply to both the self-employed as well as employees. For the self-employed, you pay class 4 national insurance contributions at 9% above the threshold...

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31st July 2020 payments on account deferred

31st July 2020 payments on account deferred

Due to the coronavirus covid-19 situation, HMRC has just announced a deferment on the 31st July 2020 payments on account. Normally taxpayers pay their 2020 tax in two instalments - one on 31st January before the tax year finishes, and the second on 31st July...

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Tax help during Covid-19

Tax help during Covid-19

During the current situation, I am available to help clients remotely: Meetings can be held through telephone or skype instead of in person.Documents can be scanned and sent to me either through email or by using an online service such as Dropbox.I am available to...

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HMRC 31st January 2020 deadlines

HMRC 31st January 2020 deadlines

As 2019 draws to a close, the upcoming holidays reduce the amount of time available to complete the 2019 tax returns and avoid fines. We have already passed the 31st October 2019 deadline to submit a paper tax return, so any returns submitted now must be done online...

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Explaining HMRC tax codes

Explaining HMRC tax codes

If you have income taxed at source, such as from an employment or pension then you will receive a tax code (notice of coding) from HMRC. Tax codes look at your tax position and aim to collect the right amount of tax each month, so that the liability is correct at the...

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HMRC 31st October 2019 Tax Return Deadline

HMRC 31st October 2019 Tax Return Deadline

We have now passed the 5th October deadline to register for a 2018/19 tax return with HMRC. However, for those already registered with HMRC and issued with a notice to complete a tax return form, we are also rapidly approaching the 31st October 2019 tax return...

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5th October 2019 tax deadline

5th October 2019 tax deadline

While people may remember the upcoming 31st October tax return deadline, and the 31st January one... often they forget about the 5th October deadline. If you have received untaxed income (such as from self-employment) in the year to 5th April 2019, then you must...

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HMRC Main Residence tax changes from April 2020

HMRC Main Residence tax changes from April 2020

If you have a taxable gain on a former main residence, there are 3 key changes to Main Residence tax relief planned to come into effect from 6th April 2020: The payment of any capital gains tax will be due within 30 days - I reported on this back in November 2018.The...

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Small Business Saturday & #SmallBiz100 – 2019

Small Business Saturday & #SmallBiz100 – 2019

Small Business Saturday will be held on 7th December 2019 in the UK. As part of the build up to the event, Small Business Saturday UK will be highlighting 100 small businesses. The #SmallBiz100 as they are known have, over the last 6 years, received exposure on Social...

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Explaining HMRC payments on account

Explaining HMRC payments on account

Payments on account can often cause confusion due to both their calculation and the fact the payments straddle tax years. Basically, payments on account are just in-advance tax payments that are set against one future year's tax liability. They are calculated based on...

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SA316 Notice to complete a 2019 tax return

SA316 Notice to complete a 2019 tax return

HMRC has been issuing the notices to complete a tax return, for the 2019 year. The 2019 tax returns cover the year 6th April 2018 to 5th April 2019. Although there is a very final deadline of 31st January 2020 to submit the 2019 returns and avoid a fine, the goal...

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31st January 2019 HMRC tax deadlines

31st January 2019 HMRC tax deadlines

There are two upcoming final tax deadlines in January 2019, relating to the 2018 tax return: Submission of the 2018 tax return form, covering the year to 5th April 2018. Payment of the tax liability for 2017/18. Also payment of the first payment on account for...

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James McBrearty invited to 11 Downing Street

James McBrearty invited to 11 Downing Street

Yesterday saw me back in Downing Street as a guest of Philip Hammond, Chancellor of the Exchequer, for a reception to celebrate small business in the UK: We were also joined by Matt Hancock, who spoke of his support for small business. Matt Hancock has been the...

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The (often forgotten) December 2018 tax deadline

The (often forgotten) December 2018 tax deadline

Many people remember the 31st January tax payment deadline, but often forget there is an additional tax deadline each year at the end of December. Where possible, the deadline for having tax liabilities taken through your tax code in a later year means the return must...

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Changes to HMRC rent a room tax relief now cancelled

Changes to HMRC rent a room tax relief now cancelled

I reported back in July 2018 that HMRC were planning to change the rent a room relief rules so that it would only apply in cases where the owner occupied the property at the same time. However, it has just been announced in the 2018 October Budget that these planned...

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Main residence tax relief changes from April 2020

Main residence tax relief changes from April 2020

There are two allowances that will be changing from April 2020 onwards. These only affect people who have taxable gains on their main residence. 1) Lettings relief - this is an additional relief available (up to a limit of £40,000) to those who have lived in a...

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Personal Allowance and basic rate limit from 2019-20

Personal Allowance and basic rate limit from 2019-20

The planned increase to the personal allowance has been brought forward to next year. From 6th April 2019, the personal allowance will be £12,500pa. The basic rate band increase is also brought forward to 2019, to £37,500. This means that the income limit before...

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31st October 2018 Tax Deadline

31st October 2018 Tax Deadline

The first tax return deadline for 2018 returns is approaching... 31st October 2018. Although this deadline is for people submitting a paper tax return, it is a good deadline for everyone to use. HMRC print the statements of account after the end of October, before...

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Class 2 National Insurance to remain

Class 2 National Insurance to remain

At present, there are two different types of National Insurance for the self-employed, Class 2 and Class 4. Class 2 is a fixed weekly amount, whereas Class 4 is charged based on profits. We had been expecting Class 2 National Insurance to be abolished for some time....

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Deadline to register for a 2018 tax return

Deadline to register for a 2018 tax return

If you have income to report to HMRC for the tax year ending 5th April 2018, the deadline to register to complete a 2018 tax return is fast approaching. You must notify HMRC by 5th October 2018 that you will be submitting a 2017/18 tax return. Once registered, you...

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