16 - August 2019
A quick guide to what should be included when calculating the profit or loss for a property rental business.
Posted by : Pro-Taxman
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Property income receipts – what should be included? When calculating the profit or loss for a property rental business, it is important that nothing is overlooked. The receipts which need to be taken into account may include more than simply the rent received from letting out the property. Rent and other receipts Income from a […]
14 - August 2019
If you use the property rental toolkit, do you think it’s useful?
Posted by : Pro-Taxman
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Using the property rental toolkit to avoid common errors in returns HMRC’s property rental toolkit highlights errors commonly found in tax returns in relation to property income. The toolkit can be used to help avoid those errors, some of which are discussed briefly below. Computation For unincorporated property businesses, the default basis is the cash […]
Student Loans
12 - August 2019
You might have escaped student loans, but your employees probably haven’t.
Posted by : Pro-Taxman
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Student loan deductions Employers fulfil many collection roles for HMRC, one of which is the collection of student loan repayments. There are now three types of student loans for which employers may be responsible for deducting loan repayments from an employee’s pay. These are: Plan 1 Student Loans; Plan 2 Student Loans; and Post-graduate Loans […]
Self Assessment - Penalties for Late Filing and Late Payment
11 - August 2019
Are you late with your self-assessment return? Here’s what you need to know.
Posted by : Pro-Taxman
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Penalties for late self-assessment returns The normal due date for a self-assessment return where filed online is 31 January after the end of the tax year to which it relates. This means that self-assessment tax returns for 2017/18 should have been filed online by midnight on 31 January 2019, and self-assessment returns for 2018/19 must […]
HM Revenue and Customs - IR35
09 - August 2019
Have you been affected by IR35?
Posted by : Pro-Taxman
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Getting ready for off-payroll working changes From 6 April 2020 the off-payroll working rules that have applied since 6 April 2017 where the end client is a public sector body are to be extended to large and medium private sector organisations who engage workers providing their services through an intermediary, such as a personal service […]