by Karen | Jan 17, 2022 | Accounting, HMRC, Tax
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to file a company tax return or pay corporation tax. However, while your company still exists, even if it is no longer...
by Karen | Jan 13, 2022 | Accounting, Capital Gains Tax, HMRC, Tax
Using your annual exempt amount for 2021/22 All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by...
by Karen | Jan 6, 2022 | Accounting, Business Costs, HMRC, Tax
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...
by Karen | Dec 28, 2021 | Accounting, Business Costs, HMRC, Tax
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...
by Karen | Dec 14, 2021 | Accounting, HMRC, Self Assessment, Self employment, Tax
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....
by Karen | Dec 8, 2021 | Accounting, HMRC, Self Assessment, Self employment, Tax
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...
