HFM TAX BLOG

19.10.2018

Tax Relief When Working From Home

Working from home for at least part of the working week is more common than ever. But is there any tax relief for employees who work from home and incur costs in doing so, but don’t receive any reimbursement for these from their employer? The relevant legislation states that the employee can only claim relief[…..]

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12.10.2018

HMRC – What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.  Which begs the question, what is a reasonable excuse? HMRC[…..]

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01.09.2018

Loss Relief

Loss relief is a little known benefit when reporting the initial trading period of a new business. It often takes a while before a new business becomes profitable and the initial losses can be used to offset other tax liabilities. If a business owner makes a loss as a self-employed person, they can set off[…..]

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25.08.2018

Rent a Room Relief Changes

Rent a Room Relief changes are due to be implemented from April 2019. In particular a new test is to be added to the qualifying criteria for rent-a-room relief. The test will require that the individual or individuals in receipt of income – the home owner(s) – will need to share occupancy of the residence[…..]

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18.08.2018

HFM Tax App Upgrade

HfM Tax was one of the very first accounts in London to launch a free mobile App and we have recently made a major upgrade. The HFM Tax App is full of really useful Tax Tables, Calculators and important dates. All of which you will be able to access for free, anywhere you have internet[…..]

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11.08.2018

Tax Return Penalties Become Points Based

Tax Return penalties have remained pretty much the same for more than 20 years. File a day late and there will be £100 fine. In another six months a further £100 is added. And there was a time when HMRC could not charge more than the tax you owed. The real penalty was in the[…..]

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