• Income excluded from property business

    HMRC publishes a list of income streams that are excluded from a UK property businesses’ taxable income. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • When National Insurance Credits can be claimed

    National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the amount of qualifying years of National Insurance contributions and thus increase the amount of benefits a person is entitled to receive, for example, the State Pension. National Insurance credits are available in […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • VAT flat rate scheme capital expenditure

    The VAT Flat Rate scheme (FRS) has been designed to simplify the way a business accounts for VAT and accordingly , reducing the administration costs of complying with the VAT legislation. VAT is calculated under the FRS by applying a flat rate percentage to the flat rate turnover. The flat rate percentage varies from 4% […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • Child benefit tax charge

    The High Income Child Benefit tax charge could apply to you or your partner if either of your individual taxable earnings exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit either by reducing or removing the benefit entirely. If you or your […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • Accounting periods if a company has two or more trades

    A tax accounting period for Corporation Tax purposes cannot exceed a 12 month period. If company accounts cover less than 12 months then the accounting period will normally end on the same day, and thus will be shorter than 12 months. This can happen if the company stops trading or shortens its company’s year-end. There […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • New advisory fuel rates published

    Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • Awareness of data protection fee campaign

    The Information Commissioner’s Office (ICO) has launched a campaign aimed at contacting all registered UK companies to remind them of all their legal responsibility to pay a data protection fee. The campaign marks the start of an extensive programme by the ICO to make sure the data protection fee is paid by all those who […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • Tax Implications for Construction Industry

    If you run a construction business and secure the services of sub-contractors, or if you are a sub-contractor, you will need to comply with a special set of tax rules known as the Construction Industry Scheme (CIS). The CIS rules determine the tax and National Insurance treatment for those working in the construction industry. Under […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • What Is a Joint Venture?

    A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a specific project. HMRC makes the point that on close examination of these associations prove to be partnerships, […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • 61 Days to Go

    You now have 61 days to file your 2018-19 tax return. Last year 11.5 million taxpayers were required to complete a Self-Assessment tax return but over 700,000 taxpayers missed the deadline. The deadline for submitting your 2018-19 Self-Assessment online is 31 January 2020. You should also be aware that payment of any tax due should […]

    Andrea L Richards | Accounts Navigator Associates Limited