Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
IR35: Are you employed or self-employed?
Are you employed or self-employed? And why does it even matter? Why should I be concerned about IR35? You should be concerned about IR35 because if HMRC take a different view to you on whether you are employed…
Do I have to pay tax on my cryptocurrency gains?
Do I have to pay tax on my cryptocurrency gains? Cryptocurrency, particularly Bitcoin, have risen in prominence over the last few years – with companies like Telsa accepting them as payment and countries like China banning them outright. …
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…
What can HMRC find out about you?
What can HMRC find out about you? You’ll probably be surprised to find out it’s a lot more than you think. When meeting potential new clients we often hear “Well, HMRC won’t find out about that” – and…
COMPANY VS SOLE TRADER: BENEFITS AND DRAWBACKS
Should you be a sole trader or a company? We are often asked that question when people are setting up in business, and the truth is it depends on the individual scenario and what you are looking to…
Information to keep for your personal tax return
The 2021/22 tax year ended on 5th April 2022, 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 information you need…
What is a P11D and do I need to complete one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC by those businesses that provide benefits to their employees that do not go through the PAYE system. You will also need…
What does my tax code mean? 2022/23 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…
Do I need to file a personal tax return for 2022?
The 2021/22 personal tax year ended on 5th April and we are now in the 2022/23 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’. Here…