HFM TAX BLOG

19.08.2017

Paying Voluntary NICs

Paying voluntary NICs (national insurance contributions) can make a difference to your entitlement to your state retirement pension and certain other state benefits. There are various reasons as to why gaps may arise in your NIC record – you may have had low earnings for several years, been living abroad, or  been unemployed and have[…..]

READ MORE

12.08.2017

Tax on Income and Assets Abroad

HMRC have recently sent out notifications regarding tax on income and assets abroad. They want taxpayers to be aware that tax authorities  are sharing a range of data on financial accounts, and will be using that data to check that all income has been properly declared.  HMRC is receiving an unprecedented amount of information about […..]

READ MORE

30.06.2017

What happens if you can’t pay your tax on time?

It’s nearly time to pay the second payment on account. What are the consequences if you fail to pay a Self Assessment tax payment on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the[…..]

READ MORE

23.06.2017

When does a hobby become a trade?

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged,[…..]

READ MORE

17.06.2017

PPR Relief on Sale of Garden

Principal Private Residence (PPR) relief from capital gains tax is applicable when you sell a property that has at any time been your only or main residence. But what if you are selling part of your garden? PPR Relief is also given against gains arising on a disposal of land which you have for occupation[…..]

READ MORE

10.06.2017

VAT Annual Accounting Scheme

A VAT registered businesses whose turnover is under £1.3 million can apply to use the VAT Annual Accounting Scheme. The attraction is that it means you only submit one VAT return each year and pay a fixed monthly amount to HMRC, based on the previous year’s liability. But then, of course, a balancing payment is due[…..]

READ MORE
  • 1 / 13

  • Next Page
  • Categories

    RSS Subscribe

    Keep up to date by subscribing to our RSS feed.

    click to subscribe

    CONTACT US