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Monthly Tax Q&A
Covid-19 Support: SEISS Second Claim Service Open
The Self-Employment Income Support Scheme (SEISS) claims service for the second and final grant is open from 17 August 2020. Individuals eligible for the second
Covid-19: Job Support Scheme
The Chancellor originally announced details of the new Job Support Scheme (JSS) in his Winter Economy Plan, and the details were subsequently updated in a statement
Covid-19: SEISS and business grants update
Millions of self-employed individuals have been eligible to receive direct cash grants through the government’s Self-Employment Income Support Scheme (SEISS), to help them during the
Cryptocurrency Taxes Explained: What to Declare Before You Buy
Q: I am thinking about buying some cryptocurrency but before I do, I wanted to understand the tax implications. What do I have to declare in
Daughter’s Inheritance Tax Relief Claim on a Vacated Property
Question My mother is a widow in her nineties but still lives in the same house that she and my late father bought in the
December Key Tax Dates 2020
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/12/2020 30 – Deadline for 2019/20 self assessment online returns to be filed if you
Deregistering from VAT
As a result of the Covid-19 crisis, many businesses are currently experiencing reduced turnover. In many cases, the business is VAT-registered, and some owners are
Difference between Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT)
Question: I am looking to buy a substantial new property later this year. I have found one that is ideal on the Welsh Borders, but
Digital Records for 2024: What You Need to Know?
Q: I’m self-employed and I earn around £52,000 – £55,000 per year. My record keeping is partly traditional and paper-based. I’ve been reading recently about the
Director’s Loan Account
Q. My director’s loan account is overdrawn as we approach our year-end. Usually, a dividend is credited to cover the shortfall, but my accountant says
Do Casual Workers Need to be on Payroll for One Shift?
Q. We Hire Casual Labour to Work alongside Our Permanent Staff Over Busy Periods Such as Christmas. If an Individual Works Only One Shift and
Do I Declare a Cash Gift From My Employer?
Q: Do I need to declare a cash gift from my employer? A: I’ve recently received a gift from my employer as I’m getting married
Do I Include Pension Contributions for Tax Credits?
Q. I am self-employed and receive a small pension. My accounts show that for the tax year 2021/22 I have a self-employment profit of £6,538 and
Do I Need to Declare My Small Craft Business Income?
Q: I’ve started a new business this year selling my hand-made craft items. At this stage it’s only earning me a relatively modest income. Up until
Do I Need to File a Tax Return for Selling Items Online?
Q: I use various online marketplaces to sell my unwanted items – from clothes to old phones and various other things. I’m a bit concerned though
Do I need to make payments on account if tax is already deducted at source?
Q. Do I need to make payments on account if tax is already deducted at source? A. HMRC has let me know that I’m paying
Do I Need to Pay Inheritance Tax When My Partner Passed Away?
Q: My civil partner recently passed away and I’m now dealing with the financial implications of losing him. I’m trying to understand the Inheritance Tax situation;
Do I Need to Pay Tax on My Savings Interest Earnings?
Q: Last year I earned £4,500 approximately from making interest on my savings. I’ve never come close to earning anywhere near that much previously so I’m
Do I Need to Pay Tax on the Bonus Received from Nationalwide?
Q. I have Just Received a Bonus Payment of £100 from the Nationwide Building Society. Do I Need to Pay Tax on this? A: This bonus
Do I Need to Register as a Sole Trader if I Earn Under £12,570?
Q: If the personal allowance is £12,570, why do I have to register as a sole trader if I’m making less than that each year?