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Monthly Archives: January 2022

Are you eligible for local authority grants?

A reminder that business in the hospitality, leisure and accommodation sectors in England may be due support funding from their local authority. Recently, local authorities were reminded by government that they needed to process grants quickly. Extracts from a letter … Continue reading

Posted in Business

Self-employed tax twisters

We are often asked why a self-employed person is paying so much tax when their drawings from their self-employed business are minimal. The reason for this is that sole traders and partners (individuals) pay tax on the profits they earn … Continue reading

Posted in Business

Landlords and tax – the basics

The following definitions set out how property income is calculated and taxed: Rental income – includes rents, amounts received to cover use of furniture, cleaning of communal areas, hot water, heating and repairs to property. Allowable expenses – any expense … Continue reading

Posted in Business

More time to file tax returns and pay tax due

HMRC is responding to the pressures we all feel as the new COVID-19 variant, Omicron, makes normal life difficult once more. The offer by HMRC is generous. Basically, they have announced that taxpayers who have still not filed their self-assessment … Continue reading

Posted in Business

Are you registered to use MTD for VAT?

Businesses are reminded to take steps to prepare for Making Tax Digital for Value Added Tax (VAT) before it becomes mandatory for all VAT-registered businesses from 1 April this year. Making Tax Digital is designed to help businesses eliminate common … Continue reading

Posted in Business