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.
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
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...
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...
Would you like to start a small business from home in 2020?
I launched my own business in 2006, helping others to do the same and to assist with their self-employed accounts and tax returns. Over the first ten years in business, I helped many hundreds of people and saw the same issues regularly occurring. That is why I...
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...
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...
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...
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...
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...
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...
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...
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...
HMRC 2019 Tax Return Form
One of the most common queries I receive is how to find the tax return form online…
2018 Late tax return penalty issues
For those who have not yet submitted a 2018 tax return, they would normally have already received a reminder letter from HMRC along with a £100 fine.
However for 2019…
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...
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...
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...
Residential Property Capital Gains Tax payment timescale changes
From 6th April 2020, there are changes to how capital gains tax(CGT) on residential property is reported and paid. Rather than at present, where the details are reported in the next tax return and the tax paid the following 31st January, there will only be 30 days to...
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...
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...
VAT registration limit remains the same for 2 years from 2020/21
There had been worries that the VAT registration limit (£85,000pa) would be reduced - increasing costs for people not able to reclaim VAT as well as forcing more people into the quarterly tax returns that start next year for those who are VAT registered. While the...
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...
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...
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....
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...
Changes to HMRC late tax return penalties
At present, the penalties for a late tax return can amount to £1,600... even if you were initially due a repayment of tax but had not submitted the return on time. However, there are plans to change the current system away from the fixed fines and instead adopt a...
Tax accountants in Surrey celebrates 12 years in business
I founded taxhelp.uk.com back in 2006, after building up 17 years' experience in both practice and industry. From working with business owners over a number of years I identified the need for a different type of service: - Specialising in helping the self-employed,...