Tax free dividend squeeze confirmed

Sep 12, 2017

The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election.

It confirms two items that will be of…

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30 hours free childcare for working parents

Sep 07, 2017

The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said:

Parents of three and…

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Beware self employed contributions trap

Sep 05, 2017

To qualify for the full, new State Pension you will need to have 35 years of contributions. At present, the self-employed pay Class 2 (a fixed weekly amount of £2.85) and Class 4 contributions (9% of…

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Common misconceptions about tax and letting property

Sep 05, 2017

HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will need to declare rental earnings to HMRC:

  • If…

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VAT bad debt relief

Sep 05, 2017

If you use standard VAT accounting – pay VAT on sales when invoiced and claim back VAT on purchases when invoiced – you may have availed yourself of the six months claim for bad debt relief on unpaid…

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Claiming back professional subscriptions

Sep 05, 2017

If your employment requires that you obtain and maintain membership of a professional organisation, you can make a claim to set the cost against your taxable earnings for income tax purposes. As you…

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Evidence of earning for mortgage purposes

Sep 05, 2017

If you are a client, and registered to submit a Self Assessment tax return, we can provide you with a statement that you can use as evidence of earnings for mortgage purposes.

If you are not…

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Tax Diary September/October 2017

Sep 05, 2017

1 September 2017 - Due date for Corporation Tax due for the year ended 30 November 2016.

19 September 2017 - PAYE and NIC deductions due for month ended 5 September 2017. (If you pay your tax…

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Self employed taxed on profits not drawings

Aug 31, 2017

We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business as “wages”.

In truth, the self-employed do not…

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