by Admin | 17 Nov, 2022 | Pension
Under current rules, you can claim tax relief for your private pension contributions within certain limitations. The current annual allowance for tax relief on pension contributions is £40,000. You can also carry forward any unused amount of your...
by Admin | 17 Nov, 2022 | Value Added Tax
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the activities using a 'partial exemption method' in order to calculate...
by Admin | 17 Nov, 2022 | Income Tax
HMRC is reminding Self-Assessment taxpayers that they must declare COVID-19 grant and support payments in their tax return for the 2021-22 tax year. Most COVID support scheme grants are treated as taxable income in the same way as other taxable receipts and need to be...
by Admin | 17 Nov, 2022 | Income Tax
Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. An online payment plan for Self-Assessment tax bills can be...
by Admin | 17 Nov, 2022 | Business
Forthcoming 'basis of assessment' reforms will change the way trading income is allocated to tax years for the self-employed. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no...
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