Posts Tagged: HMRC

VAT Domestic Reverse Charge

(6 Minute Read) New rules for VAT in the construction industry. What is it? The VAT Domestic Reverse Charge is the new way VAT is handled in the construction industry. This new system has been designed to reduce fraud in the construction industry. It works by stopping VAT being collected as work is done along… Read more »

Budget 2021: Key points

(8 Minute Read) What the budget means for you in a nutshell Personal Tax. Increase in personal allowance in 2021/22 up to £12,570, then frozen at that level until at least 2026. Higher Rate threshold increased to £50,270, and frozen at this level. There are no changes in the ISA subscription limit, meaning you will… Read more »

End of year tax tips!

(9 Minute Read) Key tax information to help you get planning before 5th April 2021. Income Tax. Personal Savings Allowance (PSA) means that the first £1,000 of interest on savings is tax free for standard rate payers. For higher rate tax payers the allowance is £500, and for additional rate payers there is no allowance. The… Read more »

Tax Efficient Pensions

(4 Minute Read) Key information on pension contributions! What is it? If you are a UK taxpayer you can get tax relief on pension contributions of up to 100% of you earnings, or £40,000 whichever is lower. This means that some money that would otherwise go the tax man will instead go to your pension… Read more »

Extra Bounce Back Loan Support

(4 Minute Read) Save money on your Bounce Back Loan! What is it? The Chancellor has announced new ways for your Bounce Back Loan (BBL) repayments to become more flexible. These are the “Pay as You Grow” options, and will help to protect businesses though the COVID-19 pandemic, and the vaccine roll out. The BBL… Read more »

Four quick tips for filing your tax return close to the deadline>>

1. Get your paperwork in order It’s one of the main reasons people leave their tax returns to the last minute: not keeping their records organised during the preceding 12 months. The fundamentals, though, boil down to just two things. You’ll first need details of any untaxed income from the 2019/20 financial year (so any… Read more »

Working From Home Tax Refund

Find out how you could get a tax refund whilst working from home. How much can I get? Where these conditions are met, the employee can receive up to £6 per week from their employer without having to provide supporting evidence for the cost. The costs covered by these payments include the extra cost of:… Read more »

Dividend Tax

1 day to delay tax by 12 months   What is the issue? Dividends are generally taxable on the date they were received. This sounds simple, but if the tax rate changes this can be vital to avoid overpaying tax. For example, a dividend was received on the 5th April 2020, then the tax on… Read more »

Get back on your bike!

Find out about the Government’s new “Fix Your Bike” initiative, which aims to get the country cycling!     What is it? The Government is handing out thousands of £50 vouchers for people to get their bikes fixed. The hope is that this will boost the retail sector and get cash flowing again, as well… Read more »

Tax Efficient Holiday Lets

Although the idea of jetting off on holiday might seem a long way off, the return to going on holiday will probably start with a lot more people staying in the UK.     What is it? Over the past few years, Airbnb has become an essential part of the holiday industry. The way Airbnb… Read more »