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Nov 6, 20242 min read
Home responsibilities protection – do you have missing years? – Outsourced Financial | Outsourced Bookkeeping Services
Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after...
Nov 6, 20243 min read
File your tax return by 30 December to pay what you owe through PAYE – Outsourced Financial | Outsourced Bookkeeping Services
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a Self Assessment tax...
Nov 6, 20243 min read
Setting up as a sole trader – Outsourced Financial | Outsourced Bookkeeping Services
When starting a business, there are a number of ways in which this can be done. Options include operating as a sole trader, forming a...
Nov 6, 20243 min read
Overdrawn director’s loan account – must your company pay tax on the balance? | Outsourced Financial | Outsourced Bookkeeping Services
In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may...
Nov 6, 20243 min read
Move back into a former home prior to sale to maximise PRR – Outsourced Financial | Outsourced Bookkeeping Services
Where a property has at some time been a main residence, certain periods of absence are treated as periods of residence for the purposes...
Nov 6, 20243 min read
Different ways of owning property and why it might matter – Outsourced Financial | Outsourced Bookkeeping Services
Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common. The...
Nov 6, 20243 min read
Selling your house and garden separately – why the order matters – Outsourced Financial | Outsourced Bookkeeping Services
There are circumstances in which it may be desirable to sell some or all of a garden or the land attached to a residence separately from...
Nov 6, 20243 min read
MTD latest update – Outsourced Financial | Outsourced Bookkeeping Services
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the 'end...
Nov 6, 20243 min read
Is there such a thing as having too much cash? – Outsourced Financial | Outsourced Bookkeeping Services
While having more money in your bank account than is needed may seem ideal, for director shareholders of a company with surplus cash, it...
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...
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