HMRC has issued an updated ‘news story’ to confirm that, where possible, new legal proceedings and pre-action letters can be served on the department using email instead of post. This measure was originally introduced in April 2020 in response to the
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure that rents received from lodgers during the
Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers who don’t qualify for Carer’s Allowance may qualify for Carer’s Credit. This may also help carers increase their State Pension
Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless of their VAT position. This is true if you are not registered for VAT, you do not have to add VAT to your sales and you cannot recover any
Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended payment terms. For example, if your business grants a customer time to pay - say 60 days - after the services or goods supplied have
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for Easter school holidays childcare costs. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities).
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from your profits before tax. The AIA can be claimed by an individual, partnership or
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot. The law states that employers must automatically enrol workers
The usual tax position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership structure. However, where there is unequal ownership and
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