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If you are self-employed, the way in which your profits are taxed is changing. As a result of this, you only have a limited window in which to claim relief for any profits which have been taxed twice. Basis period reform For 2022/23 and earlier tax years, self-employed individuals, whether sole traders or partners in
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If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in which to do this, as long as you file online. However, HMRC have been encouraging taxpayers to file their tax return early. Is this worthwhile and what are the benefits? Due a tax refund?
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There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash basis is the default basis of preparation for unincorporated landlords who are eligible to use it. However, they can elect to use the accruals basis if they prefer. Landlords who are not eligible to
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If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing the expenses that you can deduct depend on whether you prepare accounts using the cash basis or the accruals basis. If you use the cash basis (which is the default
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Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home to the extent that the gain relates to the period that you lived in the property as your only or main residence or the last nine months of ownership (36
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If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold is set at £85,000. The need to register for VAT is triggered if your VAT taxable turnover for the last 12 months exceeded £85,000 or if you expect your VAT
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