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Filling gaps in National Insurance record
Posted on 2nd Nov 2023National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance contributions and which can increase the amount of benefits a person is entitled to, such...[more]
Paying tax by direct debit
Posted on 2nd Nov 2023One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online. You can pay your tax bill using direct debit if you have an online account with HMRC for: Self-assessment...[more]
Cash flow v supplier credit limits
Posted on 1st Nov 2023In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account. In this post we describe the opposite situation, where you are granted longer terms to pay bills from your...[more]
Back of an envelope
Posted on 1st Nov 2023If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article. When the economy is vibrant, effectively when there are an abundance of buyers in your marketplace,...[more]
Loss of personal tax allowance
Posted on 25th Oct 2023If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes your income over £100,000 will result in a...[more]
Replacement of domestic items relief
Posted on 25th Oct 2023The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available for the cost of domestic items such as free- standing wardrobes, curtains, carpets, televisions, fridges...[more]
Tax free annual party
Posted on 25th Oct 2023The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report anything to HMRC or pay tax and National Insurance. There will...[more]
Self-Assessment scam warning
Posted on 25th Oct 2023Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for the submission of Self-Assessment returns for the 2022-23 tax year. In the 12 months to September 2023, HMRC received more than 130,000 reports of suspicious contact of which almost 58,000 related...[more]
Scottish council tax frozen
Posted on 25th Oct 2023Humza Yousaf, Scotland's First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation. First Minister Humza Yousaf said that the: “Announcement will bring much needed financial relief to those...[more]
Countdown to Self-Assessment filing deadline
Posted on 25th Oct 2023There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023. You should also be aware that payment of any tax due should also be made by...[more]