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Nov 6, 20243 min read
VAT – the partial exemption 'trap' – Outsourced Financial | Outsourced Bookkeeping Services
If a VAT registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its...
Oct 1, 20243 min read
Tax planning for trading losses – Outsourced Financial | Outsourced Bookkeeping Services
A sole trader or partnership business may make a loss for several reasons – not necessarily because it is not doing well. A business can...
Oct 1, 20242 min read
Tax implications of building an office for home working – Outsourced Financial | Outsourced Bookkeeping Services
Following the pandemic, flexible working hours are on the increase. This shift has provided employees with the legal right to request...
Oct 1, 20243 min read
Should you dispose of old documents? – Outsourced Financial | Outsourced Bookkeeping Services
Over the past few years, tax enquiries aimed at identifying and correcting errors or deliberate under-reporting in tax returns have...
Oct 1, 20243 min read
Restarting child benefit claims – Outsourced Financial | Outsourced Bookkeeping Services
Many parents who fell within the ambit of the High Income Child Benefit Charge (HICBC) opted not to receive child benefit, rather than to...
Oct 1, 20243 min read
What can HMRC do if you do not pay your tax bill? – Outsourced Financial | Outsourced Bookkeeping Services
HMRC have a range of powers at their disposal to collect unpaid tax. If you are struggling to pay a tax bill, or know that you will not...
Oct 1, 20242 min read
Do I need to worry about IR35? – Outsourced Financial | Outsourced Bookkeeping Services
If you provide your services personally to an end client through your own limited company or other intermediary, you may fall within the...
Oct 1, 20242 min read
Realistic scam letters – how to check if a letter purporting to be from HMRC is genuine – Outsourced Financial | Outsourced Bookkeeping Services
Scammers are becoming increasingly adept at fooling people and a favoured tactic is a letter, a text or an email purporting to be from...
Oct 1, 20243 min read
Making a voluntary disclosure if you have not told HMRC about tax that you owe – Outsourced Financial | Outsourced Bookkeeping Services
There are various reasons why a person may not have told HMRC about the tax that they owe, ranging from a simple oversight to the...
Oct 1, 20242 min read
UK tax treatment of rent from overseas properties – Outsourced Financial | Outsourced Bookkeeping Services
A person who is resident and domiciled in the UK is liable to UK tax on their worldwide income. Consequently, if they have overseas...
Oct 1, 20242 min read
Start of a property rental business – Outsourced Financial | Outsourced Bookkeeping Services
A property rental business will have a start date, and it is important to know when this is. A landlord will normally undertake some...
Oct 1, 20243 min read
Using a property company for furnished holiday lets – Outsourced Financial | Outsourced Bookkeeping Services
The current tax regime for furnished holiday lettings has a number of advantages, including the ability to deduct interest and finance...
Sep 16, 20243 min read
Understanding your tax code - Outsourced Financial | Outsourced Bookkeeping Services
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your PAYE...
Sep 16, 20242 min read
Employer-provided equipment – Tax implications for employees of working from home - Outsourced Financial | Outsourced Bookkeeping Services
Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January...
Sep 16, 20243 min read
Reduction in higher rate of capital gains tax on residential property gains - Outsourced Financial | Outsourced Bookkeeping Services
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate,...
Sep 16, 20243 min read
Calculating the capital gain on the sale of an investment property - Outsourced Financial | Outsourced Bookkeeping Services
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the...
Sep 12, 20242 min read
Selling online – When do you need to tell HMRC? - Outsourced Financial | Outsourced Bookkeeping Services
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone...
Sep 12, 20243 min read
Advertising or promotion verses entertainment or hospitality – Which is allowable? - Outsourced Financial | Outsourced Bookkeeping Services
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and...
Sep 11, 20243 min read
Check your National Insurance record - Outsourced Financial | Outsourced Bookkeeping Services
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the...
Sep 2, 20243 min read
Are professional fees tax deductible? - Outsourced Financial | Outsourced Bookkeeping Services
As ever, the answer to this question depends on what type of professional fees have been incurred. Professional fees are income and...
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