Jessica 
It’s time for another Self-Assessment! With January 31st just gone by, you might be thinking that’s it for another year, and that you don’t need to worry about your Self-Assessment for a while. Unfortunately that is not the case. All this means is that another deadline is fast approaching. With the end of the current … Read more
I’m sure most people will be familiar with the recent headlines around the tax affairs of the former chancellor of the exchequer, Nadhim Zahawi, and will have no doubt been reading the revelations in a state of disbelief. The man that was responsible for the nation’s finances, seemingly couldn’t manage his own. The reports have … Read more
CIS stands for Construction Industry Scheme. Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC). Contractors must register for the scheme. Subcontractors do not have to register, but deductions are taken from their payments at a higher rate if they’re not registered. Did you know … Read more
Simple Assessment is a way to pay Income Tax that is not taken automatically from your income where you are not required to complete a self-assessment tax return. Instead, HMRC send the individual a calculation of tax owed for the tax year (PA302). An example of this may be if you owe tax from a … Read more
What are R&D Tax Credits? R&D Tax Credits are a government incentive to reward UK companies for investing in innovation. The tax credits can be worth up to 33p for every £1 of qualifying expenditure, therefore meaning they are a valuable source of cash for innovative business’ and can help fuel their growth. This is … Read more
Benefits In Kind are classed as benefits that employees or directors receive from the business that is not their salary or wages, they can also be referred to as employee ‘perks’ or ‘fringe benefits’. If you receive anything from a company that is not wholly and exclusively for the purpose of the business, it is … Read more
What is MTD for ITSA? Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is a new way for self-employed business owners and landlords to report earnings and pay Income Tax. MTD for ITSA will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in … Read more
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