I am a Limited Company owner and I charge rent to my limited company for a property that I own personally, can I claim Property Allowance on my Self-Assessment Tax Return?

The Property Allowance was first introduced in 2017, set at £1,000 a year of tax-free allowance to property owners and landlords.

The idea is that if you have an annual gross rental income of £1,000 or more, you may be able to apply for the Property Allowance tax relief, instead of claiming as an expense, via your Self-Assessment Tax Return.

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The Self-Assessment tax return deadline is looming close for those self-employed income required to declare their income for tax purposes by 31 January.

If you earn self-employed income whilst also earning through Pay-As-You-Earn (PAYE) or employment, you may think you are already paying your taxes through your tax code automatically, but that is not the case.

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If you are a small business owner and a director of a limited company, the chances are that you need to complete a Self Assessment tax return (“tax return”) every year. The deadline to complete your tax return online is 31st January every year to HMRC and 31 October if you submit via paper copy.

This doesn’t leave you much time if you have not already organised and gathered the necessary financial data and documentation to complete your tax return for 2018/19 tax year, which is due in January.

Act now to avoid unnecessary penalties for late submission. Southside Accounting are Self-Assessment Tax Return accountants and offer a competitive fee to help small business owners comply with their tax filing obligations. Contact us to see how we can help.

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HMRC’s next focus is Making Tax Digital for Income Tax and Corporation Tax, with a start date as early as April 2020.

To improve the efficiency of the tax system, HMRC want to go paperless. Making Tax Digital involves keeping digital records and using Making Tax Digital (MTD) compliant software to complete tax returns. Eventually, keeping paper records will no longer be allowed, with all tax submissions taking place online.

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Is your business ready for HMRC’s revamp to the tax system? If you’re a VAT registered UK business, you would have already experienced the first submission of VAT returns online in April 2019 with the next one due in a matter of days, on 7 October. Albeit the first one was fraught with technical hitches on HMRC’s side, Making Tax Digital (MTD) is here to stay. HMRC advise £9bn of tax revenue is lost each year due to incorrect submissions and the move to digital tax will go someway to reduce this tax loss and effectively capture all UK business activity in one place. Is your small business ready for Making Tax Digital?

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The amount owed to HMRC by late taxpayers continues to rise, year on year. The first of the self-assessment tax deadlines is looming, with 31 October being the cut-off  for HMRC to receive paper or hard copies of your filing. For those who file their self-assessments online, although you have till 31 January 2020, time is running out to get your paperwork in order. Are you ready to submit your self-assessment tax form?

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Almost 4,000 small businesses have missed their first deadline for quarterly digital VAT returns, as part of the UK’s new Making Tax Digital (MTD) system. Are you one of them?

If you are a small business required to report VAT figures digitally for April, May and June 2019 should have done so prior to the 7th August deadline.

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I run a limited company and deliver plumbing services. I recently did some work for another company and they deducted 20% tax. It has never happened before on other contracts. Is that correct?

The Construction Industry Scheme (CIS) is a tax deduction scheme which involves tax being deducted at source from payments which relate to construction work in the UK, as well as some other related work.

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