Keeping Records for Making Tax Digital
From 1st April 2019, VAT registered businesses with turnover over the registration threshold (currently £85,000) will be required to submit their information under the Making Tax Digital (MTD) regime. This will require you to keep records digitally and submit them…
Beware Free Gifts
As a public e-mail address, I receive a variety of ‘interesting’ offers on the Hastings Independent business account. With most of these, the nature of the content is obvious and a quick trip to the trash file is their fate.…
Let Property Campaign Ongoing
Unlike most voluntary disclosure campaigns from HMRC, which normally run for a short period of time, the Let Property campaign is still ongoing. It was first introduced in late 2013, as an opportunity to voluntarily disclose rental income, and reduce…
Things To Do Before The Tax Year End
The tax year end, 5th April 2019, is only a few weeks away now. However, there is still time to make some tax savings if you act quickly. The following is a list of items you need to consider now.…
What Future For Hastings’ Shops?
By Dave Young High streets across the country have empty shops and an entire shopping mall recently sold for the price of a house. As many as 14 shops are closing every day, according to a report from accountancy firm…
Marriage Allowance
Whilst not as valuable as the Married Couple’s Allowance, which requires at least one partner to have been born before 6th April 1935, the Marriage Allowance can still provide a tax saving. Its main application is for couples where one…
The Jeweller, the Chimney Sweep and the Sales Exec
If I tell you that I’m talking about one person here, you may think I’m just making a sweeping statement. On the other hand, if you have spent much time reading HIP you will have an idea just how diverse…
Making Tax Digital Is Coming
Whilst it has been subject to several delays, the government’s Making Tax Digital (MTD) system is almost upon us. It is intended that it will take effect for VAT registered businesses with turnover above the threshold (currently £85,000) from 1st…
Missed The Tax Return Deadline?
The deadline for filing 2017/18 tax returns online was 31st January 2019. The deadline for paper returns was 31st October 2018. Unless a tax return was issued late, in which case you will have a later deadline based on when…
Strange Excuses and Expenses
Though most complete their tax returns honestly and on time, every year HM Revenue and Customs (HMRC) receives some outlandish excuses. Some of the most bizarre excuses HMRC received from those who missed the Self Assessment deadline show a large…