MTD for Income Tax for Landlords from April 2024

MTD for ITSA forms a critical building block of the government’s 10-year strategy, which seeks to make the tax system more sustainable and efficient, to improve productivity of businesses, and to better support taxpayers. The Government hopes the shift to Make Tax Digital will give us one of the world’s most digitally advanced tax administrations,…Read More

Autumn Budget 2022 Key Points

If you would like some assistance or advice in anything mentioned above as well as PJCO’s payroll services, please get in touch on 01273 441187.  You May Also Like… Time Tracking In QuickBooks Dext Invoice Fetch Dext Commerce And QuickBooks Reconciling An Account In QuickBooks Using Classes In QuickBooks

Upcoming navigation menu changes for QuickBooks Online

When using QuickBooks do you ever feel confused and overwhelmed by the sheer number of tabs and functions at your disposal? You will be pleased to hear that changes are coming to make your QuickBooks experience smoother than ever. Similar to the way the ‘new’ button in QuickBooks helped reduce the hassle of navigation, by…Read More

Do You Need To Pay Tax On Your Cryptoassets?

Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More

8 Ways To Reduce Your Capital Gains Tax Liability

1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More

Important Changes for Taxi, Private Hire or Scrap Metal Licence Applications.

Need to apply for a Taxi, Private Hire or Scrap Metal licence soon? The Government have announced that there will be changes to the application process which you need to be aware of from 4th April 2022.   The rules are changing if you’re an individual, company or any type of partnership applying for a licence for a:  Taxi driver.   Private hire driver. …Read More

Government Support and Child Care.

If you have children, then the Government support you in various ways with your childcare costs. There are three main initiatives and even the government admit that 4 out of 5 people don’t claim all they are entitled to, so we have tried to summarise the schemes below as well as point out scenarios that…Read More

Tax implications of a garden office

Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More

The Fifth SEISS Grant

The Self-Employed Income Support Scheme (SEISS) was introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The fifth SEISS grant can be claimed if you think that your business profits will be impacted by Covid-19 between 1st May 2021 and 30th September 2021.There are three stages of…Read More

Rent a Room Relief

Deciding whether to rent a room in your home and wondering what the most tax efficient way to go about this is? The ‘Rent-A-Room’ relief scheme is a tax exemption scheme, where, as a property owner you are able to let out a room in your home for up to £7,500 a year and this…Read More

Care relief

Qualifying care relief  Carers typically receive income from various sources for looking after children and adults who are placed under their care – this income needs to be declared to HMRC via a self-assessment tax return.  However, carers can claim what is known as qualifying care relief whereby the payments they receive for the children placed in their care are not taxable, up to a certain amount. …Read More

First-year allowances

Capital allowances are claimed on assets as a form of tax relief. Full first-year allowance (FYA) is a type of allowance on certain assets that allows you to claim tax relief on the full cost of the asset in the year of purchase. So how does it work? When you purchase an asset that qualifies…Read More

What are self-assessment tax returns?

Self-Assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax and National Insurance from individuals who have varied sources of income and who are not on PAYE.  Who needs to file tax return?  A tax return must be submitted if during the previous tax year (April 6th to April 5th) you were: …Read More

Benjamin Franklin

Beware of little expenses; a small leak will sink a great ship.

Benjamin Franklin