Employing for the first time
There are a multitude of rules and regulations that you must be aware of when you start employing staff for the first time. HMRC’s guidance sets out important issues to be aware of when becoming an Read More
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IHT – limitations on spouse or civil partner exemptions
Inheritance Tax (IHT) is a tax that is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is Read More
Working for yourself
Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by 5 October following the end of the tax year Read More
Tax codes for employees
The P9X form is used to notify employers of tax codes to use for employees. The latest version of the form has just been published and shows the tax codes to use from 6 April 2022. The forms states Read More
Income Tax set-off of rental business losses
Where a property business makes a loss, the loss can usually be carried forward and set against future rental business profits. HMRC’s guidance is clear that any losses made in one rental business Read More
Tax Diary February/March 2022
1 February 2022 - Due date for Corporation Tax payable for the year ended 30 April 2021. 19 February 2022 - PAYE and NIC deductions due for month ended 5 February 2022 (If you pay your tax Read More
VAT Flat Rate Scheme exclusions
The VAT Flat Rate scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with VAT legislation. Using the Flat Rate Read More
How CIS off-set works in practice
The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as Read More
Tax and customs duties for goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses supplying goods in the UK, for example by having to compete with VAT free Read More
Filing obligations for private limited companies
It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private limited Read More
