When the cash basis is not available to a property business
The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to
Property income split for couples
As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income – where the property is owned in joint names –
Settlement legislation
The settlement rules are intended to prevent an individual from gaining a tax advantage by entering into arrangements which divert his or her income to another person who is liable
Tax consequences if income exceeds £100,000
If your income is expected to exceed £100,000 for the first time, we would like to remind you of the effect this can have on your personal allowance and marginal tax rate.
If you
Calculating Adjusted Net Income
Calculating the adjusted net income amount is necessary if any of the following apply:
A taxpayer is liable to an income-related reduction to the personal allowance when their
Are you due a tax refund?
HMRC’s annual reconciliation of PAYE for the tax year 2019-20 is well under way. HMRC uses salary and pension information to calculate if you have paid the correct amount of
HMRC reminder that you can defer tax
HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers
Students working summer jobs
We would like to remind students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are
Want to trial the MTD for Income Tax process?
Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to
Basis periods if accounting date is changed
The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are prepared, falls between 31 March