In a bid to tackle the increasing problem of obesity in the UK, the Chancellor recently announced a new sugar tax on Read more
Category Archives: Tax
Tax changes for 2016: How will they affect your business?
At the beginning of each new financial year, there are changes made to taxes. These can have a huge impact on companies, sometimes introducing measures that will benefit a business, and some that require a period of intense planning to Read more
Businesses and VAT
Once a company reaches the annual threshold for VAT, which is £83,000 for the tax year 2016-17, it is responsible for charging VAT on its services and goods. The company may also claim a repayment of any surplus VAT paid, if Read more
How to account for VAT on goods which are damaged or lost
When a company’s turnover reaches a specific threshold, it must be registered for VAT, but it is also possible to register on a voluntary basis, as this has some benefits.
Accounting for VAT on your Read more
How Annual Investment Allowance will affect your company in 2016
Annual Investment Allowance may be claimed for most items used for the running of your business, provided they fall into the plant and machinery category. This may include any machines you require to run your company, some of Read more
Everything you need to know about the self-assessment tax return
If you fulfil specified criteria for self-assessment, you must complete and submit a tax return each year before the filing deadline, which is coming up fast.
Failure to meet the January 31 deadline will Read more
The essential guide to your self-assessment tax return
The final date for you to complete and submit your self-assessment tax return is coming up fast. Should you miss the January 31st deadline, an instant penalty of £100 will be issued.
To avoid unnecessary charges like this, take some time to understand the tax return and how to complete it. If necessary, seek advice from a complete accounting service.
Should you complete a tax return?
There are set criteria for people who need to be in the self-assessment system. If you are self-employed, receive expenses above a certain amount, earn more than £100,000 and meet some other criteria, you will need to complete a tax return annually. Even if you don’t fulfil the criteria, you can request a tax return to complete if you like, but will face a penalty charge if it isn’t completed and submitted in a timely manner. If you believe that you don’t fulfil any of the criteria, ask to be taken out of the system.
What do I include in the tax return?
You should include all your income, allowances and expenses on your tax return. This includes income from employment, any untaxed bank interest, self-employment earnings and any other income that hasn’t been taxed. If you wish to claim allowances or allowable expenses, they must be included on the tax return. If you are unsure about any income, check with HMRC to see if it needs to be entered on the form.
When you register for self-assessment, you will be asked which pages you will need to complete. You can request a page for employment, one for self employment, income from property and many more pages. Make sure you request the correct pages well ahead of the filing deadline.
Can I pay my tax bill through my tax code?
If your tax bill is below £3,000, or you owe a balance of less than this amount, you may be able to include it in your tax code so that it can be collected through the next tax year. You must earn sufficient employment income to ensure that you pay sufficient tax, and your online tax return must be submitted before December 30th.
Unfortunately, it’s easy to make errors while completing your self-assessment tax return, all of which could result in a penalty charge. To avoid this situation, contact us to make an appointment for an informal chat about tax returns.
Self-assessment dates to remember in 2016
People who are included in the self-assessment system will report their income, taxable gains and allowable expenses to HM Revenue & Customs (HMRC) each year by completing a tax return. Once the tax return has been Read more
Personal tax accounts launched before self-assessment deadline
Taxpayers who are completing the self-assessment tax return online during December, will be pointed in the direction of the new personal tax accounts, which have been launched by HM Revenue & Customs (HMRC).
The accounts are expected to work in Read more
Filing your self-assessment tax return online
Although it is still possible to file your completed paper copy of the self-assessment tax return, there are so many more advantages to filing online. There are several differences between filing a paper copy of a return and filing electronically, although more people are Read more