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Tax

View Is Your Home A Tax Free Zone?

Is Your Home A Tax Free Zone?

You may be at that time in your life when you are thinking of selling the family home where you raised your children in order to downsize ready for retirement. And, in most cases, the property you have lived in for what feels like a lifetime will earn you a nice little profit when you…

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View Don’t Miss January 31st Self-Assessment Deadline

Don’t Miss January 31st Self-Assessment Deadline

The deadline for filing your Self-Assessment returns is looming and our team members in Hemel Hempstead know just how important it is to be prepared. The Self-Assessment system was introduced into the UK for the first time in 1996/1997. Now in its 24th year, the form has stayed much the same, reflecting tax changes as…

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View Received A Letter From The Taxman? Don’t Panic!

Received A Letter From The Taxman? Don’t Panic!

A letter from the taxman is enough to bring anyone out in a cold sweat. And if that missive is asking rather probing questions about your landlord, it has the potential to send you into a full-blown meltdown. Tweeting Tales Reports that these letters are in fact a scam have circulated through social media, but,…

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View What Constitutes Profit For Tax Purposes?

What Constitutes Profit For Tax Purposes?

There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to income tax and National Insurance – and limited companies to corporation tax – we have divided our comments accordingly. Published Tax Figures Before making this…

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View Don’t Fall For The Fraudsters | HMRC Scam

Don’t Fall For The Fraudsters | HMRC Scam

We are fast approaching the deadline for filing self-assessment tax returns in the UK for 2018-19. As readers will be aware, this deadline is 31 January 2020. Unfortunately, this coincides with a pick-up in scamming activity by fraudsters pretending to be the tax office. HMRC have recently posted an alert for taxpayers and this is…

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View When Trivial Benefits Can Be Significant

When Trivial Benefits Can Be Significant

The following extracts from HMRC’s website explain how certain benefits to employees can be tax-free. Surprisingly, HMRC describe these as “trivial” benefits. Tax-Free Benefits You don’t have to pay tax on a benefit for your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash or a…

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View Goodbye 2019, Hello Opportunities

Goodbye 2019, Hello Opportunities

We are approaching the end of the calendar year, goodbye 2019, and the end of the of the current tax year, 2019-20, will draw to a close 5th April 2020. Uncertain Future Add to this self-assessment deadlines, Brexit changes, election results and will we – won’t we – have a budget speech any time soon,…

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View Capital Gains Tax Update And Residential Property

Capital Gains Tax Update And Residential Property

UK resident anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply? You need to consider the changes to the reporting and payment of this CGT charge from 6 April 2020. CGT Payment and Report Changes The general rule will be that for relevant disposals on or after…

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View All Is Not Lost | Ensure Your Business Survives

All Is Not Lost | Ensure Your Business Survives

If your business makes a trading loss its ability to survive the loss will depend on a number of issues. They include: Did your business have sufficient reserves to absorb the loss? If not, are the business owners able to introduce new capital to cover the losses? Or, Are the business bankers willing to step…

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