Don’t let the Christmas period get in the way of the self-assessment deadline! Christmas is always a busy time of year, but for us it doesn’t stop after the festivities are over. With the Self-Assessment tax return deadline on January 31st, January is our busiest time of year. A self-assessment tax return is required if … Read moreDon’t let the Christmas period get in the way of the Self-Assessment deadline!
No one wants a Tax Investigation. It is true that as business owners we don’t want HMRC asking awkward questions and taking up our precious time by visiting us on a routine (or not!) compliance visit. This week two of our clients have been subject to compliance visits from HMRC, one for PAYE and CIS, … Read moreNo one wants a Tax Investigation.
Is the Jaguar i-pace a good company car? Here at 1 Accounts in Haverhill and Cambridge we are often asked can I buy a car within the company? The answer is of course yes. However when benefit in kind tax and class 1A National Insurance is explained our clients most likely either buy the car … Read moreIs the Jaguar i-Pace a good company car?
Making Tax Digital – Are You Ready? July 2019 marks the period that you have to submit your VAT returns using HMRC’s new Making Tax Digital (MTD) regime. Already Accountants, VAT registered businesses and HMRC are struggling to cope. Take a look at Accounting Web’s report on how HMRC’s systems were already struggling in May … Read moreMaking Tax Digital – Are You Ready?
POSSIBLE CHANGES TO CGT PRIVATE RESIDENCE RELIEF The government is currently consulting on important changes to private residence relief that are likely to be introduced from 6 April 2020. The two possible changes, announced in the Autumn 2018 Budget are: Firstly to limit to just 9 months the period prior to disposal that counts as … Read morePOSSIBLE CHANGES TO CGT PRIVATE RESIDENCE RELIEF
“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying … Read more“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS
EXTRACTING PROFIT FROM YOUR FAMILY COMPANY The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used … Read moreExtracting Profit From Your Family Company
Happy New Year The 6th of April marked the first day of the financial year. This brings a few changes to individuals and businesses. The Personal Allowance The personal allowance (the amount you can earn before paying Income Tax) has increased from £11850 to £12500. This will lead to a small reduction in tax. For … Read moreHappy New Year
2018 Tax Returns A note from Paul This year has been really strange for me in preparing for January and completing over 160 Tax Returns in one month. A Challenge that I was prepared for and it was 60 less than last year! Today is 25 January and we have 9 left to do which … Read more1 Accounts 2018 Tax Returns
Fact: All of our clients are Making Tax Digital (MTD) compliant because they use the latest online accounting software provided by the market leaders – Sage and Xero. What is Making Tax Digital (MTD)? Making Tax Digital (MTD) is a government initiative which aims to transform the administration of tax to create a simpler, more … Read moreMaking Tax Digital