Have you missed the 31st January Self Assessment deadline? If so, fear not, all is not lost! However you need to act fast to avoid further fines. For missing the self assessment deadline you will have already been hit with
Furnished or un-furnished – Tax Considerations
Furnished or un-furnished – tax considerations The decision to rent a property furnished or un-furnished is often made based on your chances of finding a tenant or marketing your property to attract a different kind of tenant. Aside from this
Class 2 National Insurance Contributions
Class 2 National Insurance Contributions are changing With effect from April 2015, the government have announced that they will be collecting Class 2 National Insurance Contributions through Self Assessment. What does this mean? Under the current system, if you are
Marriage Allowance
Marriage Allowance From 6th April 2015, you will be able to transfer any unused personal tax-free personal allowances between spouses using the new Marriage Allowance. To qualify, one of you must have an income of less than the basic personal
Landlords – Have you received a letter from HMRC?
HMRC send letters to 40,000 landlords Following the introduction of the Let Property Disclosure Campaign, HMRC have stepped up their scrutiny of landlords and their income tax affairs. Over the next 4 months, HMRC intend to send letters to 40,000
How do I reclaim CIS deducted?
How do I reclaim CIS deducted? If you operate within the Construction Industry Scheme and have tax deducted from you at source, you may be entitled to a tax refund, so how do you go about reclaiming it? CIS refunds
Renewals and Wear and Tear Allowance
Renewals and Wear and Tear Allowance As we head towards the end of the tax year and start thinking about preparing tax returns for the 2013/14 tax year. it is worth a reminder that the renewals basis for residential property
What is an Umbrella Company?
What is an Umbrella Company? If you are a contractor, you client might tell you they wish to engage you through a limited company. So what options do you have? Basically there are 2 options, use an umbrella company or
Time for an Accounting Review
FREE Accounting Review Offer It is a fairly quiet month in February tax wise, so it is now a good opportunity to review your accounting set up and make sure it suits your circumstances.
Missed the tax return deadline ?
If you have missed the tax return deadline for self assessment, you will receive an automatic fine of £100. The key thing now is to make sure you get your tax return filed and any taxed owed paid. The fines for