by Jessica Garbett | Feb 14, 2019 | ACCA, business taxation, personal taxatation
An examination of when an individual does not require to complete a tax return for their rental income. Not necessarily, it depends. How much tax is payable depends on the level of profits and the personal circumstances of each individual. In this article we discuss...
by Jessica Garbett | Feb 13, 2019 | ACCA, VAT
The MTD for VAT pilot is now open to all. The MTD for VAT pilot is now open to all who will be mandated to use the MTD service from April. HMRC has stated that ‘The pilot is progressing well – over 3,500 businesses have already joined and we have seen a dramatic...
by Jessica Garbett | Feb 11, 2019 | ACCA, enquiries and tax disputes
ADR can help resolve otherwise time-consuming tax disputes with HMRC. Resolving a tax dispute with HMRC can be a time-consuming process for a business. Alternative Dispute Resolution (ADR) refers to ways of resolving the dispute without the need to go to court....
by Jessica Garbett | Feb 7, 2019 | ACCA, pensions
Make sure you get the correct tax relief for pension payments. Pension contributions can be a complicated area but thankfully for self employed people with personal pensions it should be fairly straightforward. However, many clients do not understand exactly how the...
by Jessica Garbett | Feb 6, 2019 | ACCA, VAT
HMRC issues updated guidance on VAT on digital services. HMRC has updated its guidance on VAT place of supply rules for business that sell digital services to private consumers in the EU. The changes apply from 1 January. For businesses established in the UK the rules...
by Jessica Garbett | Feb 4, 2019 | ACCA, business taxation
If a taxpayer suffers a trading loss, the loss can be relieved as follows: 1. Current year or carry back claim a) S64 of Income Tax Act 2007 (ITA 2007) allows the trade loss to be offset against net income of the loss-making year, and/or of the previous tax year. The...
