by Admin | 24 Feb, 2022 | HMRC notices
HMRC uses a number of different measures to help determine whether an activity is a trade irrespective of whether the activity leads to a profit or a loss. This includes looking at whether an activity is a hobby or artificial trade. HMRC manuals implore inspectors to...
by Admin | 22 Feb, 2022 | Tax Diary
1 March 2022 – Due date for Corporation Tax due for the year ended 31 May 2021. 2 March 2022 – Normally Self-Assessment tax for 2020-21 would need to be paid by 2 March or a 5% surcharge would be incurred. This year HMRC is giving taxpayers more time to...
by Admin | 17 Feb, 2022 | Income Tax
One of the less well-known ways of paying your Self-Assessment tax bill is to do so through your tax code. This can only be done where all the following apply: you owe a Self-Assessment balancing payment of less than £3,000; you already pay tax...
by Admin | 17 Feb, 2022 | Employee Benefits
The car fuel benefit rules only apply to company cars that attract a car benefit tax charge. This means the rules do not apply to fuel provided for use in an employee’s own car. However, employers can pay up to 45p per mile for company related trips in an...
by Admin | 17 Feb, 2022 | Value Added Tax
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent supplies by the person making the option to tax will be subject to VAT at...
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