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Income Tax

Category: Income Tax

Self Assessment Tax Deadline Approaching
Income Tax
DSC Chartered Accountants Self assessment Tax

Self Assessment Tax Deadline Approaching

There are still two ways to submit your self-assessment tax return. Most taxpayers chose to file electronically, and if we file your tax return, this is the way we would file on your behalf. If you do file electronically, the filing deadline for the 2020-21…

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November 16, 2021 by Lisa Cosway
Tax collection options
Income Tax
HMRC Income Tax Tax

Tax collection options

If you do not pay your tax bill on time and cannot make an alternative arrangement to pay, HMRC can take ‘enforcement action’ to recover any tax you owe. You can usually avoid enforcement action by contacting HMRC as soon as you know you have…

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September 30, 2021 by Ellie Roach
Electric vehicles for company car drivers – tax advantages
Income Tax
electric cars HMRC Income Tax

Electric vehicles for company car drivers – tax advantages

As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. The benefit charge is the way that HMRC levy tax on this benefit in kind; and the…

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September 16, 2021 by Ellie Roach
Business entertaining and tax relief
General Income Tax
HMRC Tax Tax Relief

Business entertaining and tax relief

Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that…

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September 2, 2021 by Ellie Roach
Tax-free property and trading income
Income Tax Property Income
HMRC Property Income Trading Income

Tax-free property and trading income

You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each. If your annual gross property income is £1,000 or less, from one…

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August 19, 2021 by Ellie Roach
Advisory Fuel Rates from 1 March 2021
Income Tax
Advisory Fuel Rates Fuel

Advisory Fuel Rates from 1 March 2021

The advisory electricity rate for fully electric cars is 4 pence per mile. Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates. The advisory fuel rates for petrol, LPG and diesel cars are shown in these tables. From 1 March…

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May 13, 2021 by Ellie Roach
Recently self-employed?
Income Tax
coronavirus support scheme COVID-19 Income Tax self employed

Recently self-employed?

If you became self-employed after 5 April 2019 and you have submitted your 2019-20 tax return before 2 March 2021, you may be eligible for the next two Self-Employed Income Support Scheme (SEISS) grants for the quarter end 30 April 2021 and the final claims…

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April 15, 2021 by Ellie Roach
Marriage Allowance claim
Income Tax
Budget 2021 HMRC Income Tax marriage allowance claim

Marriage Allowance claim

HMRC published the following press release on Valentine’s Day 2021: HMRC is encouraging married couples and people in civil partnerships to sign up for a tax break this year. Marriage Allowance offers individuals the chance to transfer part of their Personal Allowance to their husband,…

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March 18, 2021 by Ellie Roach
Tax breaks working from home
Income Tax
Budget 2021 Income Tax self employed

Tax breaks working from home

Employed persons If your employer requires that you work from home, this will apply to many employees during the various COVID lock-down periods, HMRC will allow you to claim for any extra costs associated with working from home. To save you calculating what these extra…

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March 10, 2021 by Ellie Roach
Online Payment Plans
Income Tax
DSC Chartered Accountants HMRC Income Tax Tax

Online Payment Plans

Almost 25,000 Self-Assessment customers have set up an online payment plan to manage their tax liabilities in up to 12 monthly instalments, totalling £69.1 million, HMRC revealed recently. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for…

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February 4, 2021 by Ellie Roach

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