Over twelve million people are now required to submit a tax return and with that number growing each year, more and more people are coming to the process for the first time. The rise in AirBnB lettings, self-employment, the ‘gig economy’ and people having multiple sources of income are the factors driving more taxpayers to self-assessment.
HMRC has announced that it will be closing its telephone lines for 3 days during December, to redirect staff time into dealing with a backlog of letters and queries. The phone lines are those primarily dealing with VAT and Corporation tax queries but other services may also be affected as the department tries to deal with a backlog that has built up during the pandemic.
At a basic level, a cashflow statement details the movements of money in and out of a business over a defined period. The cashflow statement enables you to monitor bank balances, allocate reserves, manage investments and plan significant procurement.
Data published by Nationwide Building Society shows that annual house price growth hit 10% in November. This latest rise puts the average price of a UK house at £252,687 in November 2021, which when compared to March 2020, immediately before the pandemic hit, means that house prices are almost 15% higher overall.
When it comes to tax, you want to be paying as little as possible – tax that is. But for many, the cost of completing a tax return can feel like a tax in itself and you may be inclined to try and pay as little as possible. But is that a wise idea? Do […]
As the dust settles on the 2021/22 budget and we absorb another round of tax increases and changes to reliefs and tapers, we are once again reminded of just how complex the UK tax system is. Managing this on an individual level is hard enough, imagine having to control and account for it across an […]
Recent analysis by online pension provider PensionBee has once again highlighted the issue of higher rate pension tax relief not being claimed on pension contributions. The research showed that more than 1 million of Britain’s higher rate tax payers are not claiming pension relief through their personal tax returns. It would appear that eight in […]
September 2021 marked the return to normal business life for many, following the hiatus caused by Covid, multiple lockdowns and the work from home rule. But as we head back into the office, into networking events and even begin entertaining colleagues and clients again, it’s perhaps a good time to remind ourselves of some of […]
Plans to increase the frequency of reporting by the self-employed and small businesses, under the Governments Making Tax Digital (MTD) scheme, have been delayed. The next phase of roll out for MTD would have seen self-employed and small business required to maintain digital records and report their income to HMRC every quarter from April 2023. […]
A profit and loss, also called a P&L, report is an important financial statement for every business. In summary profit and loss reports detail the company’s financial performance during any given period. It is a statement of the income and expenses, normally divided into categories, that when considered in conjunction with one another, explains how […]
In a clear breaking of a manifesto pledge, Boris Johnson has announced a 1.25% tax levy, to be applied through National Insurance (NI) contributions and dividend taxation, to help plug a funding gap in NHS and social care spending. But what does this mean for you? How much extra will I pay? As an employee, […]
For the first time since the number of job vacancies were recorded in 2001, the Office for National Statistics (ONS) has announced that they topped 1 million in August 2021. Despite much speculation that it would be unemployment figures that would peak at this point, following the pandemic and the winding down of the furlough […]