Property let campaign was introduced some years ago. This to help landlords that have not declared their rental income to HMRC in the past years. Basically, what the HMRC is trying to achieve with this campaign is to give the landlords the opportunity to declare their rental income to them. The rental income from 20 […]
Major changes have been made to mortgage deductions and other financial interest for individuals from April 2020/21. Individuals are no longer allowed to deduct mortgage expenses as an expense when preparing their rental accounts. These changes do not affect properties that are owned by corporate bodies. This change was made 4 years ago and is […]
When an individual has an investment property in the UK, not the house that you are currently live in but one that you let out to someone else and they pay you income for it, that income you receive from the property is taxable. For you to declare this income, you will have to register […]
Bounce back loan scheme was introduced to support businesses going through hard times due to the Coronavirus. This loan is backed by HMRC through the British business bank 100%. The reason why they introduced this loan is that the Coronavirus interruption loan was backed up only 80% was not accessible to business struggling due to […]
Most of the time when we receive our payslip, we do not understand the money that we have been paid or how our net income has been calculated. So, in this blog post, I would like to explain how a taxpayer can decode their payslip. There are various factors that could determine the net income […]
Claiming the use of home as an expense can reduce the tax that a business owner pays or enable an employee to receive tax refunds from HMRC. If you would like to read more on how to calculate the use of home as an expense kindly click. How to claim this expense as a business […]
A lot of business owners and employees are currently working from home due to the Covid 19 pandemic and government advice. In this blog, I have explained the expenses that you could claim to help you to reduce your tax on profit from your business or to enable you to claim tax refund as an […]
The pandemics Convid-19 has been one affecting a lot of business in the UK. The uncertainties about how long it would continue to affect business owners or the effect afterwards are scary. The Chancellor announcing that small business owners in the UK could receive up to £10,000 grant from the revenue at these trying times […]
Furloughed employees are employees that they face losing their jobs due to the employer’s inability to pay their salary due to ongoing pandemic. These employees would be facing the risk of being laid off by their employers since they can’t afford to pay their wages any longer. Good news to furloughed employees It was therefore […]
Budget 2020 is still in the mind of most UK taxpayers and if you would like to know more about what the newly appointed Chancellor Rishi Sunak said in the budget, this blog post summarises some of the major points that were raised. NO SUPRISES WITH IR35 IN THE BUDGET 2020 A lot of speculations […]
When the tax year ends, taxpayers can lose tax reliefs and tax allowance not used within the tax year! In this blog , I have written some of the relief that you would need to claim if you qualify before the end of the tax year. 1.Tax allowances to reduce tax payable in the UK […]
Errors on self-assessment returns are very prevalent to taxpayers. Mistakes can be caused due to various reason such as: Not declaring all other sources of income on the self-assessment returns. Declaring an incomplete record on Self-assessment returns. Overstating the expenses in the returns. Understating the expenses on the returns. What happens when there are errors […]
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