HMRC rejects Self-Assessment expenses and excuses

HMRC rejects Self-Assessment expenses and excuses Angela MacDonald, HMRC Director General of Customer Services, said ‘Each year we still come across some questionable excuses, whether that’s blaming a bus touring schedule or seeing aliens. However, each year we’re making it easier and more intuitive for our customers to complete their tax return. We also receive absurd expense claims from vet fees for a rabbit to room service at a hotel. It is unfair to make honest taxpayers pick up the…

We are now in the final stages of the 2016-2017 Self-Assessment Tax filing period. The deadline being 31st January 2018. The filing of the Self-Assessment allows for HMRC to collect taxes from individuals who run their own businesses or if they receive income that is not taxed through the PAYE. There are a few circumstances where an individual will need to submit a self-assessment tax return: Being self-employed Have savings or investment income above £10,000 before tax Receiving £2,500 or…

The VAT Margin Scheme is designed to be used by VAT Registered businesses that buy and sell: Second – hand goods (Goods that can still be used, or which could be used after repair) Works of art Antiques Collector’s items. This allows VAT to be paid only on the difference between the price the item was bought for and the price it was sold for. Why use the margin scheme? Often when trading in second hand goods they will have…

Asmat & Co had teamed up with a leading Cloud Accounting software specialist for a Bespoke Programme designed for our clientele. With the help of this software programme businesses can run their business without the need of any accounting and bookkeeping knowledge.   Asmat & Co Cloud Accounting Software is a Complete Solutions and Bookkeeping is a practical, safe, secure and affordable option for all UK businesses and sole traders. “Cloud hosted”, which means you can use it wherever you…

                                                                                          ‘Contractors Guide’   Free Initial Consultation is available for new contractors- Contact us on info@asmataccountants.co.uk  or call us on 0203 026 2990                            …

Tax Rates 2016-17

In UK most workers will be required to join a workplace pension scheme by their employers.  From the staging date the employees would have to choose whether they want to join the scheme or ‘opt out’.  If the employees choose to opt out of the scheme they would have to join the pension scheme for at least one month before opting out.  Any contributions they have made into the pension would be refunded back to the employees and the employers.…

APS- Asmat Payroll System –For workers falling inside IR35  As of 6th April 2016 the Government has introduced the  New legislation which means Umbrella and Limited Company workers will no longer be able to claim tax relief on home to work (or work to home) travel and subsistence expenses. With the New Legislation coming into force it is likely to affect your take home pay, i.e. if you currently claim regular travel and subsistence expense. In respect of the new legislation…

Summary Property Taxes There is a significant impact on landlords as they would affect the purchase price and the allowable expenses they are claiming. These are: Restriction mortgage interest deduction  When calculating rental profits, Landlords will not be able to claim the finance cost on their mortgage. The restrictions on the finance cost will be capped to: 2017/18 75% ALLOWED 25% BASIC RATE 2018/19 50% allowed 50% basic rate 2019/20 25% allowed 75% basic rate 2020/21 Nil 100% basic rate…

Dividends – New Rulings 2016/17 From April 2016 the Dividend Tax Credit will be replaced by a new tax-free Dividend Allowance. The Dividend Allowance means that you won’t have to pay tax on the first £5,000 of your dividend income, no matter what non-dividend income you have. The allowance is available to anyone who has dividend income. You’ll pay tax on any dividends you receive over £5,000 at the following rates: 7.5% on dividend income within the basic rate band…