In this blog, we will help you out to know who needs to fill out a self-assessment tax returns which has to be submitted to HMRC. If you are the one who is running a business in the UK then…
Companies are often funded by loan from directors; which is either willingly done or when other sources of finance are hard to come by. Either way, directors loan to company are technical accounting issues with many legal and tax pitfalls….
There are many supplementary forms available to be filled along with primary self assessment, to cover your various income categories. You will be completing Form SA102, to record all your income from employment or from directorship. If you have more…
Business Asset roll over relief is the deferment of capital gains tax due on dispose of old assets until and unless the new assets that replace the old ones are also sold. If Mr John sells his business van for…
A person may cease to work due to a number of reasons and circumstances. It may include retirement, redundancy by employer, return to education, cessation of a contract term or being unemployed. For purposes of tax, HMRC counts from 6th…
If you transfer business assets or in some cases shares to the buyer at less than present value to help him/her, you can claim Gift Holdover Relief. Essentially Gift Hold Over Relief means you do not have to pay capital…
Personal Tax account is an HMRC initiative that aims to consolidate all your tax details at a single place so that you can register, file, pay or update your HMRC income tax Information from any place and at anytime as…
Whether you are registering for VAT because you have reached the annual VAT threshold or you are doing it voluntarily, you must fill out VAT1 form. You can choose between submitting it online or downloading a copy, filling it and…
The most common question that sole traders ask is that do I need to charge VAT or register for VAT with HMRC. The answer depends in how much money do you make. If your annual turnover exceeds £85,000, you are…
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