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If you are self-employed and you received Covid-19 support payments during the pandemic, you may need to report these on your self-assessment tax return. 

Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the process?

Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible.

From April 2022, both national insurance and dividend tax are set to rise by 1.25%.

As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. 

During the Covid-19 pandemic, HMRC paused much of their tax collection work but as the country starts to emerge from the pandemic, HMRC have once again turned their focus to the collection of tax debts, publishing a policy paper setting out their approach.

Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). 

For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a basic rate tax reduction; it is no longer possible to deduct any of the interest or finance costs to arrive at the taxable profit.

You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000.

HMRC has the power to enquire into any return and request any information to establish whether that return is correct. No reasons need be given and invariably will not be disclosed.