Guides and news
Plain-English guides to UK tax, payroll, VAT and running a small business. Older articles are kept for reference and marked with the year they were written.
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These articles were written in earlier tax years. Rates and rules may have changed, so ask us for the current position.
Restore your Dissolved, Struck Off Ltd & LLP Company In UK
All assets of a struck-off / dissolved company vest in the Crown (known as bona vacantia), so if the original company wants to keep or reclaim property…
Making Tax Digital Dates to look for
Making Tax Digital for VAT VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax…
2019/2020 Self Assessment filing date extended to 28 Feb 2021
Personal Self Assessment filing date has been extended and you will not be charged a late filing penalty if submitted by 28 February You can delay filing…
Local Restrictions Support Grant for Closed Businesses - England
Businesses that were open as usual and were then required to close due to local Tier 2, Tier 3 or Tier 4 restrictions may be eligible for LRSG (Closed) or…
One-off top-ups New grants for businesses during the national lockdown
New National COVID Restrictions have been introduced from Tuesday 5 January. There will be three schemes in operation as listed below. One-off grant of up…
Registering for Self Assessment and getting a tax return
Use form SA1 if you need to register but you’re not self-employed. For example, if you: become a company director receive income from land and property in…
Tax Codes
Letters What they mean L You’re entitled to the standard tax-free Personal Allowance M Marriage Allowance : you’ve received a transfer of 10% of your…
Capital Gains Tax Payment for Property Disposals
From April 2020 HMRC is changing the rules related to the submissions of information and payment of Capital Gains Tax (CGT) due on the disposals of a UK…
Standard industrial classification of economic activities (SIC)
Standard industrial classification of economic activities (SIC) Code Description Section A Agriculture, Forestry and Fishing 01110 Growing of cereals…
Let Property Campaign – Gives residential landlords the opportunity to bring their tax affairs up to date
You can report previously undisclosed taxes on rental income to HMRC under the Let Property Campaign if you’re an individual landlord renting out…
Restricting finance cost relief for individual landlords
Who is likely to be affected Individuals that receive rental income on residential property in the UK or elsewhere and incur finance costs (such as…
The Rent a Room Scheme
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved…
List of Tax-free and taxable state benefits in UK
State benefits that are taxable The most common benefits that you pay Income Tax on are: the State Pension Jobseeker’s Allowance Carer’s Allowance…
The Barber, The Stylist & The Salon
In this particular trade the stylist as they are skilled people, the owner of the salon knows that it would be best for all the parties to stay as self…
Charity's annual return
Your charity must submit an annual return if its income is over £10,000. If your charity’s income is under £10,000, you must still keep your registered…
National Insurance Rates
National Insurance rates (employers & employees) not contracted out Rates 2015-16 Employee rate Band Weekly earnings Employer rate Weekly earnings 0% LEL…
National Minimum Wage rates
National Minimum Wage rates The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice - you must be at least school…
Tax rates and allowances
Income tax Personal allowances and reliefs 2016/17 2015/16 2014/15 2013/14 2012/13 2011/12 2010/11 2009/10 Personal allowance £ £ £ £ £ £ Aged under 65*…
VAT registration thresholds
The thresholds for registering for VAT or joining a VAT accounting scheme from 1 April 2015. VAT thresholds Circumstance Threshold VAT registration More…
Working Tax Credit
Eligibility Eligibility depends on your age and how many hours of paid work you do a week. Your income and circumstances will also affect how much you…
Workplace pensions - employers' obligations
All employers will have to provide workers with a workplace pension scheme by law over the next few years. This is called ‘automatic enrolment’. When your…
Corporation Tax on chargeable gains - Indexation Allowance - October 2012 2012/11/13
HMRC has just issued Indexation Allowance table upto OCT12 as below Corporation Tax on Chargeable Gains - Indexation Allowance
Corporation Tax on Chargeable Gains - Indexation Allowance
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HMRC: The Non-resident Landlord Scheme
The Non-Resident Landlords (NRL) Scheme is a scheme for taxing the UK rental income of non-resident landlords . The scheme requires UK letting agents to…
Choosing Business Name? Check if it is already registered!
Thought of a really good name for your new business, or as a brand for a new product or service? Your first step: check that the name isn't already being…
Accounting Standards in Issue
Financial Reporting Standards (FRSs) & Statements of Standard Accounting Practice (SSAPs) FRSSE (effective April 2008) - Financial Reporting Standard for…
Are you ready for VAT rate increase?
As you might know from the 4 January 2011 the VAT rate in the United Kingdom will rise from 17.50% to 20%. HMRC have issued some rules and guidance in an…
Emergency Budget 22 June 2010 Tax & Benefits related Key Points
Taxes Corporation tax, currently 28%, to fall by 1p in the pound a year for four consecutive years until it reaches 24% . Small companies tax to fall to…
Means Tested Benefits (Updated April 2010)
Means tested Benefits: Income Support £ per week Personal Allowances Single person aged 16 – 24 51.85 25 or over 65.45 Lone parent Under 18 (usual rate)…
Non-Means tested Benefits (updated April 2010)
Non-Means tested Benefits: Adult Child Claimant Dependant Dependant Contribution Based Jobseekers £ per week £ per week £ per week 16 – 24 51.85 25 or…
Tax Calendar 2010/2011
March 2010 Friday 19th PAYE and NIC due for the month ended 5th March 2010. April 2010 Tuesday 6th Start of 2010/2011 tax year. Wednesday 14th Deadline…
Guide to Rental Taxation
If you are considering purchasing a residential buy to let property, you may not be fully aware of the tax implications. Usually there will be two taxes…
National Insurance contributions Rates and allowances 2010/2011
National Insurance - rates and allowances £ per week 2008-09 2009-10 2010-11 Lower earnings limit, primary Class 1 £90 £95 £97 Upper earnings limit…
Self Employment Vs Limited Company
Minimising the overall tax is a key aim for all businesses. Despite the Government's attempts to increase the corporation tax assessed on small limited…
Tax Rate & Allowances for Year 2010-2011
Income Tax Rates and allowances for the year 2008-09, 2009-10 and 2010-2011: Income Tax Allowances 2008-09 2009-10 2010-11 Personal Allowance (1) £6,035…