P11D Form: What is it and What Is It For?
In this article, we take a closer look at the P11D form, what you need to include when you need to file it, and – most important of all – what will happen if you don’t fulfil your P11D duties.
Self Assessments
Importance of Completing a Self-Assessment Form
Permanent workers are usually paid via Pay As You Earn (PAYE). PAYE ensures that the employee’s income tax, national insurance, and student loan repayments have been deducted before the employee receiving their pay. However, self-employed individuals must pay to ensure that they have paid their taxes, national insurance contributions, and student loan repayments. If you are self-employed you must complete a self-assessment form to figure out what you owe and ensure that you have made payments before the deadline.
Your Ally in Business – Why Choosing an Accountant is One of the Most Important Decisions you’ll Make!
An accountant should be seen as more than someone who does your finances. While you focus on running your business, you need to trust they ‘have your back’ when it comes to your company.
Build your own house – Reclaim the VAT from the HMRC!!
Are you thinking of building your own house? Well you can now reclaim the VAT.
You can apply to HMRC for a VAT refund on building materials and services if you are building a new home, or converting a property into a home. In order to qualify, the home must be separate and self-contained, be for you or your family to live or holiday in, and not be for business purposes (although you can use one room as a work from home office). Builders working on new buildings should zero rate their work anyway and you won’t pay any VAT on their services.
HMRC clarifies tax breaks on gifts
HMRC issued a statement confirming that where the donation is made by one person the tax relief is not at risk
Key Facts About Tax Self-Assessment – 2015
Anyone who received income that was not covered by PAYE in the year to 5th April 2014 needs to complete a tax self assessment by 31st January. The deadline for submitting paper tax returns passed on 31st October 2015 – so you will need to do it online.
8 Useful Tips & Advice On Managing Your Taxes
HMRC have recently updated the list of trade and professional organisations for directors and employees who receive a tax reduction for annual subscriptions. NI can also be avoided if the bills are directly paid by the employer