INCREASE IN EMPLOYMENT ALLOWANCE FROM 2020/21,
Employment allowance has now been increased from £3,000 to £4,000. This is Good news to some but not all business. These are some of the changes made by the newly appointed chancellor in the budget read a few days ago. This is good news for businesses that are eligible for…
7 THINGS YOU NEED TO KNOW NOW THAT YOU ARE UNDER 1R35 LEGISLATION
NOW THAT YOU ARE CAUGHT UNDER IR35 LEGISLATION, WHAT NEXT? It is not news again that the IR35 legislation is changing from April 2020. If you would like to read about these changes you can click or watch a video kindly click In this blog post, I have explained 7…
PRACTICING THE ACT OF PHOENIX: TARGETED ANTI AVOIDANCE RULE
Some business owner’s practice the act of phoenix whilst trying to dispose of their business. An anti-avoidance rule was set up to put an end to this act when the business owners decided to sell their liquidate or sell their business. When this occurs, the taxpayer could be chargeable under…
Why do I pay extra to HMRC, Payment on Account explained
Payment on account is a system that is used by the revenue to ensure that taxpayers under Self-assessment pay towards tax and national insurance for the next tax year. The amount of payment on account applied for the taxpayers is based on previous tax years due to the HMRC Illustration…
WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED
Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefit. Or if the taxable income received by either partner is over £50,000….
PLANNING TO SELL A PROPERTY IN 2020, YOU SHOULD READ THIS!
Are you selling residential properties in 2020? There are proposed new changes to declaring capital gain on residential property sold from April 2020. These changes will be very massive and would affect individuals selling residential properties. Who will be affected when selling residential properties? People affected by these changes include…