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Making quarterly returns for MTD for ITSA
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is now a reality for individuals who had combined trading and property income of at…
Jul 3
July payment on account and what to do if you need to reduce it
Taxpayers within Self-Assessment must make payments on account towards their next tax and Class 4 National Insurance bill if the tax that they owed for…
Jul 2
Associated companies
Over time, companies may accumulate substantial cash reserves.
Jun 30
Alphabet shares – A way to reduce tax
When a company pays a dividend, all shareholders holding the same class of shares must receive dividends in proportion to their shareholdings.
Jun 25
Do ‘resident cruisers’ pay income tax?
An increasing number of people live on cruise ships.
Jun 20
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Correcting errors in VAT returns
It used to be possible to report errors in a VAT return to HMRC on form VAT652.
Jun 17
Tax relief for unpaid rent
In these difficult economic times, tenants may struggle to pay their rent, leaving landlords out of pocket.
Jun 14
VAT registration waiver
HMRC requires businesses to register for VAT if their taxable turnover exceeds £90,000 in the last 12 months or is expected to exceed this threshold…
Jun 11
Must the cash basis be used?
For UK unincorporated businesses, the cash basis is now the default method for calculating taxable profits.
Jun 8
Claiming a tax refund
It is reasonable to assume that if a person pays too much tax, HMRC will automatically send the overpayment back to them.
Jun 5
CIS deductions – Applying the correct percentage
The Construction Industry Scheme (CIS) is a tax deduction scheme requiring contractors to deduct tax from payments made to subcontractors working in the…
May 30
Registering late for self-employment – Tax implications
Starting in self-employment can feel daunting.
May 26
Buying another business through a company: Tax issues to consider
Most businesses expand via recommendation; however, there may come a time when a more effective method of expansion is needed such as acquiring another…
May 23
Tax issues when a family company splits into two
There are many reasons why shareholder-directors of private family companies may decide to split a single business into two or more separate entities.
May 19
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Accounting Journal
Welcome to Accounting Journal, your go-to resource for expert insights, practical tips, and up-to-date information on all things accounting and tax-related.
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