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WHAT IS AN OPTION TO TAX LAND AND BUILDINGS?

Any UK citizen who has an interest in free hold or leasehold commercial property and wishes to generate additional income from it, lets it out partially or disposes it off may consider an option to tax before any monetary funds…

What is Accounts Home Office Reference Number and Where do I find it?

You will be required to put in your Accounts Home Office Reference Number when you intend to make PAYE payments to the HMRC. When you register yourself as an employer, HMRC will issue you a letter, confirming above and granting…

ONLINE SERVICE FOR TAX CREDITS PAYMENTS AND CHILD TAX CREDIT PAYMENTS

You can use online service provided by the UK government to manage your tax credits payments. You will be required to have a government Gateway account and a permanent National Insurance number in order to use this service. By registering…

WHAT IS SA102 FORM?

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…

WHAT IS BUSINESS ASSET ROLL OVER RELIEF?

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…

HOW TO PAY SELF ASSESSMENT BILL

It is a widely known fact that the deadline for payment of self assessment bill is 31st January each year. This is the date by which HMRC should receive the funds and not the deadline of your dispatching them.  So…

What is a P50 form?

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…

WHAT IS CAPITAL GAINS TAX GIFT HOLD OVER RELIEF?

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…

CASH ACCOUNTING VS TRADITIONAL ACCOUNTING

For a self employed or a partnership, there are two options available on how to calculate profits; Cash Accounting or Traditional Accounting (Accrual based). Cash Accounting will record the transaction as and when cash is paid or received. In contrast,…

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