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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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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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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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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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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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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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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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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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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