A guide to self employed simplified expenses

All self employed people need to keep records of their income and expenses and HMRC have made it that bit easier by allowing you to use simplified expenses. What expenses can I claim if I am self employed?

Do I need to complete a tax return?

You are required to submit a tax return if HMRC have issued you with a notice to complete a return; or Your tax liability on the income you have received in the year is more than the tax that has been deducted from that income before it was paid to you.

Gift aid – Beware the non-tax payer

If HMRC discovers that a charity has claimed gift aid relief on a gift by a non-taxpayer, the legal liability to repay the tax falls on the donor. HMRC have said that they would look to the charity to repay the tax and I’m sure most do. But, if the charity cannot or does not […]

Income Tax changes and planning opportunties

WIth very few options open to the chancellor in the recent budget the following changes were made to income tax: For 2014/15 the personal allowance for those born after 5 April 1948 will be increased to £10,000. As a consequence of the above increase, the basic rate limit for 2014/15 will be reduced to £31,865 and […]

Do you know anyone who rents out a property?

Anyone who receives income from letting a property has to declare it to HMRC even if you don’t make a profit. This needs to be done everey year on a self assessment tax return.

Only 8 days to go….

Only 8 days to go to submit your self assessment tax return! Don’t forget to actually pay the bill as well. Details of how to pay are here: http://www.hmrc.gov.uk/payinghmrc/selfassessment.htm

Child Benefit Changes – What can you do about it?

From 7th January, families with children and one parent with income of more than £60,000 per year, will no longer be eligible for Child Benefit and those earning between £50,000 and £60,000 will have their Child Benefit entitlement reduced by a High Income Charge.

Tax services for Entertainers

We work with a wide range of entertainers including full-time and semi-professional magicians, hobbyists, magic societies, clowns, illusionists, Punch and Judy professors, magic prop ebay sellers and lecturers.

What can I claim for the christmas party?

It’s nearly that time of year again – time to organise the work’s Christmas party. So what can you claim from HMRC? HMRC allow an exemption from tax, National Insurance and reporting if it’s an annual event, open to all employees and costs no more than £150 per head. If the event costs more than […]

3 out of 5 complaints from taxpayers to HMRC in 2010-11 upheld… by HMRC

Well over half of complaints by UK taxpayers to HM Revenue & Customs (HMRC) in 2010-11 (latest available year) resulted in HMRC admitting to mistakes, according to Pinsent Masons, the international law firm. Complaints received by HMRC’s internal complaints system hit 58,110 in 2010-11 (year end 31 March). Of complaints decided in that year, HMRC […]