We are all aware that putting money into a pension enables us to save for our future retirement – but have you considered the savings that are available now? Each year, we all have up to £40,000 of annual allowance for pension contributions. If you are an...
We are seeing a high number of HMRC ‘nudge’ letters being issued, suggesting that rental income from property has not been correctly reported. HMRC are obviously getting this information from somewhere as many of the approaches made to us have been from landlords...
Draft legislation for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been issued by HMRC. From April 2024, individuals with a turnover of £10,000 or more from self-employment or property income will be required to make quarterly submissions with a...
Q: Can I claim the work from home allowance? This is a question we’ve been asked a lot recently and so we asked our Senior Tax Manager, Lucy Orrow to answer in more detail For the 2021/22 tax year, HMRC allowed reimbursements of £6 per week/£26 per month as a work...
It is time to prepare the Forms P11D and P11D(b) for the 2021-22 tax year. The Forms are the employer’s responsibility. They are required for directors or employees who are provided with benefits or for whom you pay or reimburse non-deductible expenses. The Forms P11D...
Most UK businesses that were VAT registered on a compulsory basis were obliged to sign up for ‘Making Tax Digital’ (MTD) from April 2019. At that time, there were exemptions available including any person or entity that had a voluntary VAT registration....
