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Sep 2, 20243 min read
The company makes a loss – can a dividend be paid? Outsourced Financial | Outsourced Bookkeeping Services
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives of the company, will use the money to...


Sep 2, 20243 min read
Be aware of VAT bad debt relief - Outsourced Financial | Outsourced Bookkeeping Services
Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on...


Sep 2, 20242 min read
Utilising losses from a property rental business - Outsourced Financial | Outsourced Bookkeeping Services
Where a landlord makes a loss on their property rental business, the options for using that loss are limited. The rules depend on whether...


Sep 2, 20243 min read
End of the FHL regime and transitional rules - Outsourced Financial | Outsourced Bookkeeping Services
Landlords with furnished holiday lettings (FHLs) currently enjoy favourable tax advantages compared to those letting residential property...


Sep 2, 20243 min read
Treating tenants’ deposits correctly for tax purposes - Outsourced Financial | Outsourced Bookkeeping Services
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than five...


Sep 2, 20243 min read
New residence-based regime for foreign income and gain - Outsourced Financial | Outsourced Bookkeeping Services
The remittance basis of tax is an optional tax treatment that allows individuals who are resident but not domiciled in the UK to pay tax...


Sep 2, 20243 min read
Workplace nursery partnership schemes - Outsourced Financial | Outsourced Bookkeeping Services
No tax charge arises in respect of the provision of a nursery place for an employee’s child at a workplace nursery provided that the...


Sep 2, 20242 min read
Claiming refunds of overpaid PAYE - Outsourced Financial |Outsourced Bookkeeping Services
If it works correctly, the tax that is collected under PAYE will exactly match the tax that is due for the year. However, in practice,...


Sep 2, 20242 min read
VAT on school fees - Outsourced Financial | Outsourced Bookkeeping Services
As outlined before the election, the new Government are to go ahead with their proposal to impose VAT on school fees. Legislation was...


Sep 2, 20242 min read
Using form R40 to claim a tax refund - Outsourced Financial |Outsourced Bookkeeping Services
If you are entitled to a refund of tax deducted from savings and investment income, you can claim the refund using form R40 if you do not...


Aug 1, 20243 min read
Tax implications of different methods of business finance - Outsourced Financial | Outsourced Bookkeeping Services
For many businesses, initial set-up costs are low with just an internet connection, smartphone and a laptop. Invariably, funding for...


Aug 1, 20243 min read
Claiming tax relief on work clothes - | Outsourced Financial | Outsourced Bookkeeping Services
Many employees are required to wear a uniform or particular type of clothing whilst at work. Even where there is no set uniform, many...


Aug 1, 20243 min read
When is a VAT invoice not a VAT invoice? - Outsourced Financial | Outsourced Bookkeeping Services
Although suppliers such as mobile phone providers are VAT registered, a careful look at the invoices issued to customers shows the words...


Aug 1, 20243 min read
Class 2 NIC refunds made in error – Action to take - Outsourced Financial | Outsourced Bookkeeping Services
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the...


Aug 1, 20243 min read
Making student loan repayments through Self Assessment - | Outsourced Financial | Outsourced Bookkeeping Services
There are three ways in which former students with student or post-graduate loans can make loan repayments: · from deduction from their...


Aug 1, 20243 min read
VAT flat rate scheme – Is it for you - Outsourced Financial | Outsourced Bookkeeping Services
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT...


Aug 1, 20243 min read
Wealthy taxpayers within PAYE – When is a tax return required? - Outsourced Financial | Outsourced Bookkeeping Services
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where...


Aug 1, 20243 min read
When is a child’s income taxable on their parent? - Outsourced Financial | Outsourced Bookkeeping Services
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income...


Aug 1, 20243 min read
A repair or an improvement and why it matters | Outsourced Financial| Outsourced Bookkeeping Services
As a landlord, periodically you will need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating,...


Jul 4, 20243 min read
Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives | Outsourced Financial | Outsourced Bookkeeping Services
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities...
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