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Don’t be caught out by payments on account for personal tax – know what you need to pay!

What are payments on account?  And who has to make them? So many business owners get caught out by payments on account, particularly in their first year of trading. When you become self employed, most of, if not…

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Tax evasion or tax avoidance?

What’s the difference between tax evasion and tax avoidance? Celebrities and sports stars alike have been in the news in recent years, hitting the headlines for their tax avoidance in the Paradise Papers, amongst other reports. But they…

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BEWARE! Rise in fake HMRC calls from scammers

HMRC has warned that more and more scammers are using landline phone calls to con people and businesses out of money. HM Revenue and Customs said that in the 6 months to January 2019 it received 60,000 reports…

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Do I need to file a personal tax return for 2019?

The 2018/19 personal tax year ended on 5th April and we are now in the 2019/20 tax year. Every year we are asked the same thing – ‘Do I need to fill in a tax return?’.  Here is…

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What does my tax code mean? 2019/20 edition

What exactly do all the numbers and letters in my tax code mean?  And what do I do if I think it’s wrong? HMRC generate your tax code based on the information that they hold about you and…

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What is a P11D and do you need to complete one?

What is a P11D? The P11D form is a statutory form required to be filed with HMRC by businesses that detail benefits paid to their employees and the cash equivalents of those benefits. You will also need to…

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Information to keep for your tax return

The 2018/19 tax year ended a few weeks ago on 5th April, for which many of us will need to produce and file a personal tax return .  To make things easier, here is our list of the…

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The weirdest excuses for missing the personal tax deadline and the most dubious expense claims

With just a week to go before the deadline for filing self assessment personal tax returns for 2017/18 on 31st January, HMRC has released its list of the weirdest excuses given to them for missing the cut off.…

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What are the different VAT rates and what do they mean?

We are often asked what all the different VAT rates are and what they mean. Zero-rated is the same as Exempt, right?  Wrong.  Read our guide below to make sure you understand the difference between all the rates…

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Do I have to pay tax on my cryptocurrency gains?

Do I have to pay tax on my cryptocurrency gains? Cryptocurrency, particularly Bitcoin, saw their values soar throughout 2017, even if they did come back down to ground throughout 2018.  Experts are divided over whether this is a…

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