The proposed new rules apply regarding who determines IR35 status for freelancers hired by medium and large companies are imminent. Our Brief Guide will help find out how this affects you and what you can do:
Blog entry by: Vanessa Pearson
HMRC are now issuing six month late payment penalty notices, as the due date for 2019/20 tax payments was over seven months ago (includes consideration to the additional months extension as a result of the pandemic). Taxpayers facing financial difficulties due to the impact of COVID-19 may have entered into a time to pay arrangement…
If you own a UK holiday let are you declaring your rental profits to HMRC? If not time may be running out to make a voluntary disclosure of past profits. HMRC has the power to request information, or documents, from third parties such as holiday booking sites; as well as being able to search…
You can now assign bills to customers in Xero! This makes it easier to allocate expenses occurred during a job to the correct customer. Perfect for Estate Agents, event planners and more. When creating a bill to pay onto Xero there is an option to ‘assign the bill to a customer’. You…
As Benjamin Franklin once said; the only two certainties in life are death and taxes. Although it’s a sombre subject, it is important to put in place the right planning so that when we are hit by one, we can avoid the other. We want to ensure we are able to leave as much of…
A business must compulsorily register for VAT if taxable 12 month turnover exceeds £85,000. They can voluntarily register for VAT as soon as they start trading, providing they expect to make taxable supplies in the future. Businesses that provide to other businesses may choose to register for VAT voluntarily before the registration threshold is…
There has been some controversy on claims made on DIY building schemes. HMRC have updated their guidance on goods and services that can be claimed under the VAT DIY Housebuilders’ Scheme. The list is extensive and gives an ABC of items that are allowed, from Agas to woodworm treatment – but there’s a catch,…
