Newsletters
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Is your extra income taxable?
HMRC is getting cannier at detecting and penalising people who make extra income but don’t declare it. With that in mind if you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC?
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Are your repair and improvement costs tax deductible?
Recording expenses relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense?
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Private residence relief - when does home ownership begin?
A couple bought a plot of land and built a new home on it. When they sold it HMRC assessed them for capital gains tax. They appealed and won. HMRC disagreed with the ruling and referred it to the Upper Tribunal (UT). What was the outcome?
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When can you adjust returns for customer refunds?
Your business sometimes issues credit notes but then repays the customer over a longer period of time. You adjust your VAT returns on the date that you issue the credit note but is this correct?
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Workplace pensions for seasonal and temporary staff
According to The Pensions Regulator, some employers who take on seasonal or other temporary workers aren’t following the workplace pension rules correctly. If you’re hiring short-term workers what steps should you be taking?
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Is there a problem giving staff free stock?
Your business buys and sells goods and it’s your policy to give some free items to staff. You also personally take some stock for yourself and your family. You amend your stock records for these but what should you do with the VAT?