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What Is A Payment On Account? Understanding the UK Tax System A common source of confusion in the world of taxes, especially for those new to self-employment in the UK, is the ‘Payment on Account‘ system. With this post, we aim to demystify this concept for you in simple and easy-to-understand terms. What Is A […]

As we are in the middle of wedding season, it’s worth reminding everyone about marriage allowance. This extra bit of tax relief could be especially helpful to people now during the cost of living crisis. What is marriage allowance? Marriage allowance lets you transfer 10% of your unused personal tax allowance to your husband, wife, […]

If you complete a tax return you may have to pay your tax twice a year. This sounds like it should be bad, but it can be a helpful way of spreading your payments throughout the year. What are payments on account? Payments on account are made twice a year and are payments that you […]

If you are just about to become a sole trader, or have been one for a while, you might be wondering whether it is worth getting a separate bank account for your business. There is no legal requirement for sole traders to have a separate bank account for their business unlike Limited Companies which are […]

Each year HM Revenue & Customs (HMRC) undertake an enormous number of tax enquiries into individuals and businesses to check they have paid the right amount of tax. Since 2010 HMRC have strengthened their approach to enquiry work by using wider powers and sophisticated software and consequently a record £36.9 billion of additional tax revenue […]

Your self-assessment tax return is the document that is needed to calculate how much tax you owe personally. This return includes your dividends, employment income, rental income etc. One way to ‘stress out’ your accountant is to send them your tax return information in January. However, many people don’t understand why January is so stressful […]

…… AND WHY! It’s that time again ….. tax returns! From the 6th of April, accountants start to request information from clients. In this blog, we will go through what information accountants need and why. At 1 Accounts we request the below information from all of our clients via our Karbon software. A secure virtual […]

Working from home relief = FREE CASH Due to the current pandemic, many businesses have been working from home this year (ours included). It looks like those who can work from home will be until March 2021 at the earliest. We have also seen a change in attitude towards flexible working. It has become the […]

Ask HMRC to verify you had a new child which affected your eligibility for the self-employed income support scheme.  If you are self-employed or a member of a partnership, and having a new child affected the trading profits or total income you reported for the tax year 2018 to 2019, use the HMRC form to […]

Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and finding it difficult to make your second payment on account by 31 July 2020 […]