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Monthly Tax Q&A
March Questions and Answers
Questions: I am looking at buying a rundown pub/restaurant ready for this summer, assuming it will be allowed to open. I need to spend approximately
New Employee Tax Code: No P45, No Checklist? Use 0T W1/M1
Q. We have a new Employee Who Did Not Present a P45 and Did Not Complete the Starter Checklist. Which FPS Starter Declaration and Tax
New Solopreneur: How Should I Pay Myself?
Q: I’m preparing to start up a new small business venture in the new year. Initially, it will just be myself, so I’ll be a sole
November 2020 Key tax dates
1 – Due date for payment of Corporation Tax for the year ended 31 January 2020 2 – Last day for car change notifications in the quarter
Options for Handling a VAT Bill When Cashflow Is Tight
Q: I run a small business. Due to a cashflow issue, we’re struggling to pay our next VAT bill in full and we’ve only got 20
Paying Tax on Savings as a Higher-Rate Taxpayer
Q. I’m going to become a higher-rate taxpayer, which means my savings will start to be taxed. How do I pay this to HMRC? A: Congratulations on
PPT Relief for Former Rental Property: How Long Must I Live There?
Q.1 Principal Private Residence Relief On Moving Into A Former Rental Property? I Purchased Two Properties For £150,000 Approximately 15 Years Ago. I Purchased One
Q. Can a Company Claim the 100% First Year Allowance for an Electric Car?
Q. My Company is Buying an Electric Car for me to Use for Business and Private Journeys. In Truth there will be very few Business
Reclaim the tax using over payment relief
Q. I usually make regular pension contributions of approximately £10,000 per year net of relief. However, in 2017/18 I made a large one-off contribution following
Reduced property transaction charges
Recent research revealed that property transactions fell by more than 50% in May and house prices have fallen for first time in eight years. In an attempt
Registered Subcontractor – CIS Gross Payment Status
Q. I am a basic rate taxpayer and a registered subcontractor having tax deducted at 20% from any income. I understand that I can register for
Reporting Covid-19 support payments
A business receiving support payments for Covid-19 needs to ensure the receipt is correctly recorded as taxable income for corporation tax purposes. For unincorporated businesses
Residence Nil-Rate Band: What is it and Do You have to Claim it?
Q.1 Residence nil-rate band: What is it and do you have to claim it? I have a flat in London worth around £500,000. I moved
Reverse charge for building services imminent
After two delays, the new rules for certain building services will finally take effect from 1 March 2021. Under the current rules, a business (for
Self-assessment – DIY time-to-pay options
The tax return filing deadline for 2019/20 has now passed. However, where taxpayers have struggled to pay any tax they owed by the 31 January
Self-assessment payments deferment for Self-employed people
Question I am self-employed and my business has been struggling this year due to the coronavirus. I opted to defer my 31 July 2020 tax
September 2020 Key tax dates
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/9/2020
Should I Register for CIS as Sole Employee in New Carpet Business?
Q. I have recently started a carpet fitting business but I’m not sure what the rules on the Construction Industry Scheme (CIS) mean for me? I’m
Should I stop transferring married couple’s allowance if my spouse is now the higher-rate taxpayer?
Q. Should I stop transferring married couple’s allowance if my spouse is now the higher-rate taxpayer? A. I was born in 1932. When I retired
Should UK Landlords Pay More Tax Under Labour Plans?
Q: I sometimes sell unwanted items online. Am I now liable to pay tax on any money I make? A: There has been a rise in