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Author: Bharat Bhandari

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Understanding the Recent HMRC Tax Rules for Online Sellers

There’s been significant discussion and confusion regarding the HMRC’s tax rules for sellers on digital platforms like eBay and Vinted. Social media has been abuzz with claims of a new “side hustle tax,” but these claims are misleading. The Reality New Reporting Requirements Implications for Sellers Professional Guidance Given the nuances in tax law, especially…
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Common questions we’re asked around claiming expenses.

As a limited company owner, understanding the expenses your company can claim is crucial for maintaining tax efficiency and reducing your Corporation Tax payment. This guide provides an overview of allowable expenses, how to claim them, and essential considerations to stay compliant with HMRC regulations. Fundamental Rules for Limited Company Expenses: Record Keeping for Limited…
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Self-employed allowable expenses you can claim on

If you’re self-employed, allowable expenses can reduce your Self-Assessment tax bill. You can claim tax back on some of the costs of running your business. HMRC calls these allowable expenses. These appear as costs in your business accounts deducted from the profit you pay tax on. Expenses can reduce the average sole trader’s tax bill—often…
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HMRC announces self-assessment penalty waivers

Today HMRC has announced that it will not charge:1) Late filing penalties for those who file online by 28 February 2022.2) Late payment penalties for those who pay the tax due in full or set up a payment plan by 1 April 2022. This will give customers and their representatives additional time if they need…
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Expenses you can add to your self-assessment tax return

Did you know allowable expenses, as HMRC calls them, can reduce your self-assessment tax bill? You can claim tax back on some of the costs of running your business – what’s called allowable expenses. These appear as costs in your business accounts and will be deducted from the profit that you pay tax on. In…
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Would you know how to spot a scammer posing as HMRC?

It’s actually tricker than you might think! To help, HMRC have put together some excellent guidance and examples of related phishing emails, suspicious phone calls and texts – you can read it all here. The key information you need to know: Coronavirus (COVID-19) email scams: HMRC is aware of a phishing campaign telling customers they are eligible to…
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Haven’t quite caught up on the 2021 Autumn Budget announcement yet?

Here is a brief summary of the points most relevant to businesses like yours. The biggest impact will be the Health and Social Care Levy. From April 2022, there will be a 1.25% increase on Class 1 & 4 NIC and dividend tax. This means employees, employers, self-employed and directors on dividends will all pay…
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Self Assessment customers warned about scammers posing as HMRC

Criminals are known to take advantage of the Self Assessment deadline to panic customers into sharing their personal or financial details. Self Assessment customers should be alert to criminals claiming to be from HM Revenue and Customs (HMRC). As the department issues thousands of SMS messages and emails as part of its annual Self Assessment…
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Legislation Day 2 announcements

Extending the Annual Investment Allowance provisional £1 million cap The Government has announced that it is extending the current temporary level of the Annual Investment Allowance (AIA) of £1,000,000 by one year covering 1 January to 31 December 2021; the legislation will be introduced before the end of the financial year. This extension gives enhanced…
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Tax Return Self Assessment

Now Is The Time To File Your Tax Return. Here’s Why.

The Self Assessment tax return is something many business owners procrastinate with, year after year. Any accountant will recommend you file it sooner, and this year, we recommend submitting it as soon as possible. With the current lockdown – and the likely impact it’s having on your finances – there’s never been a better time…
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