Beware of Self Assessment scams! More than 11.5 million tax returns have been submitted for the 2022/23 tax year and fraudsters are focusing on these. Taxpayers have reported to be receiving emails, phone calls or text messages offering a tax rebate. These are phishing scams and are designed to use your personal details for selling…
If you have missed the 31st January 2024 Self Assessment Tax Return deadline (one of the 605,849 who did) for your 2022/23 tax return, you may be unsure as to what to do next. We are here to help you submit your late return and answer any questions you may have on the matter. …
The flat rate VAT scheme is available to any business with taxable annual sales of £150,000 or below, excluding VAT. It was introduced in 2003 to ease the administration needed for small businesses by simplifying the VAT return process. Once you have joined the scheme you can remain until your total VAT-Inclusive business income exceeds…
In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions. If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…
The 31st January payment deadline is fast approaching. Here are some tips to ensure you get your payments to HMRC on time: HMRC accepts payments on date of payment rather than date it reaches their account You can pay via the secure HMRC App You can pay via scanning the QR code within your HMRC…
Do you jointly own a property? Is this actually funded/owned other than 50:50? Are you a high earner and your spouse a basic earner? If you have answered yes to these, then tax election notification Form 17 is an easy way to help save tax as a couple! Without this, HMRC will default to…
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…
From April 2020 the National Minimum Wage will once again be increased, as per the below figures: Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice April 2019 (current rate) £8.21 £7.70 £6.15 £4.35 £3.90 April 2020 £8.72 £8.20 £6.45 £4.55 £4.15 Apprentices are entitled to the minimum wage…