Working from home tax relief
You may be able to claim tax relief for additional household costs if you must work at home on a regular basis, either for all or part of the week. This includes if you must work from home because of coronavirus. You may be able to claim tax relief for: You cannot claim for the […]
Super-deduction capital allowance
As announced in the Budget on 3rd March 2021, for the next two tax years starting 1 April 2021, companies will benefit from a 130% “super-deduction” on qualifying plant and machinery investments. At the current Corporation Tax rate of 19%, this means that for every pound invested a company’s taxes are cut by up to […]
Do I need to file a UK tax return?
You may be asking yourself: do I need to complete a UK tax return? You may be on UK payroll, so why do you need to file a tax return, as you pay tax directly to HMRC each month? You may not even live in the UK, but have UK income, so do you need […]
UK Budget 2021: Highlights.
The key tax measure announcements include: Personal tax thresholds are frozen until 2022. Increases are promised in 2022, with a further freeze until 2026. From 2023 the Corporation Tax rate will increase to 25%. The current rate of 19% will continue to apply to small businesses with profits of £50k or less. A tapered rate […]
Posponed VAT Accounting
Brexit brought many changes in the VAT treatment for trades between the UK and the rest of the world. One of them is the postponed VAT accounting scheme. From 1 January 2021, if your business is registered for VAT in the UK, you’ll be able to account for import VAT on your VAT Return for […]
Changes for Amazon traders from 1 January 2021
The UK is due to formally exit the EU’s Single Market and Customs Union on 1 January 2021. With Brexit, the UK is expected to introduce a new set of VAT rules (which are as yet unclear) which may change the way that VAT is accounted for on sales to UK customers. Amazon have issued […]
UK Pension changes affecting UK Expats
From April 6, 2020, any newly retiring state pensioners receive the flat rate payment of £175.20 a week. Living in Israel does not affect your eligibility to claim the UK state pension, whether you are already retired when you move or reach the state pension age after moving. You can also continue to build up […]
Confused About Data Protection Letters From The ICO?
Have you received a letter from the Information Commissioners Office (ICO) and are rather confused? If the answer to the above is yes, you are not alone! Thousands of small business owners and landlords do not know if they need to pay the fee that the government letters are demanding – but there is no need to […]
VAT reverse charge for Building and Construction Services
The new domestic VAT reverse charge which is coming into effect from 1 March 2021 will have a huge impact on the way that VAT is collected and accounted for in the building and construction industry. This blog will outline the points to consider whilst preparing for the implementation of the changes which will apply […]
What is the tax consequence of earning over £100,000?
Anyone with an annual income which exceeds £100,000 must file a tax return, even if you were taxed through PAYE. One of the biggest tax implications of earning over £100,000 is that you start losing your Personal Allowance, which is £12,500 for 2020/21 . For every £2 that you earn over £100,000, you lose £1 […]