Monthly Archives: January 2014

How To Pay Your Self Assessment Tax Bill

Personal Tax bills are due for electronic submission and clearance of payment by 31st January 2014.  Here are the different ways you can pay any tax due: Over the Christmas Break you should have received a reminder for payment from HMRC with a payslip attached.  You may use this payslip to...

Donating to Charity

An individual or sole trader who pays tax may donate money to a charity under gift aid.  This means that the charity can then claim back the basic rate tax paid on that money hence increasing their funds. If the person donating the money is a higher rate tax...

Business Record Keeping & Lost Records

If you are in business then you need to keep your accounting records for 6 years after the end of the business year. If you are not in business, or are a director of a limited company, then you need to keep records of your personal income for 22...

Struggling to Meet Deadlines

It is common to get setbacks and with the recent storms many people will have other things on their minds than completing returns. Additionally some people will be struggling to reconstruct figures after losing records. Late returns incur penalties, and repeat offenders get escalated penalties, so what are the...

Protecting your Business – Prevention is Better than Cure

At the end of the day your business should have insurance to cover a setback. But what about taking a few precautions? This is good business practice and the costs are tax allowable. A good business will complete a risk assessment – What is it that is likely to...

Storm Insurance Claims

Following the recent storms you may be making a business insurance claim. If the insurance company pays you a lump sum then remember that if it was a claim on a business policy then that income is business income and hence taxable. You can then claim the costs of...

HMRC Watching Credit Card Transactions

HMRC has recently been given new powers allowing them access to banking records containing card transactions. They will be able to interrogate the system to establish the level of income, from credit cards, for a particular business over a given period. They will then be able to compare these...