Wokingham Accountants
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up website; IT costs; advertising and marketing; and travel and subsistence. … Read more
Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening years of a business. These profits are known as overlap profits. Once the business is up and running, the profits that are currently taxed for … Read more
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are entitled to a reduced state pension. A person builds up qualifying years by paying sufficient National Insurance contributions and/or receiving National Insurance credits. Anyone who … Read more
The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored. Taxpayers who are within self-assessment will need to pay any … Read more
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided. The exception to this is where a notice to file a return for 2020/21 was issued after 31 October 2021, in which case the filing deadline is three months from … Read more
If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. If you are an employee and you were furloughed and received furlough grants under the Coronavirus Job Retention Scheme, these were liable to tax under PAYE and liable to National Insurance … Read more
The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless they take their pension earlier due to ill-health). Registered pension scheme cannot normally pay any benefits to members until they reach the NMPA (except in the case of ill-health). Registered … Read more
As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge points. The fund aims to help small business to gain access to the workplace charging scheme and provide grants to meet up to 75% of … Read more
Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme Under the Government scheme, you can open an online account and deposit money which is used to pay for your childcare. For … Read more
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the process? Limited tax exemption There is a limited tax exemption … Read more
