It is without question that your Personal Tax Account will be the single most important account you will ever have when interacting with HMRC, and a must have!!
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MTD ITSA & Making Quickbooks Work For You
MTD ITSA & Making Quickbooks Work For You. MTD for Income Tax Self-Assessment (MTD ITSA) is set to roll out from April 2026, and will cover all unincorporated business and landlords for Self-Assessment with annual business and/or rental income over £50,000.
JT AccountS – Newsletter Issue 7
THIS NEWSLETTER TOPICS: Apron, MTD ITSA & Making Quickbooks Work For You, ESTATE PLANNING FOR BUSINESS OWNERS, Personal Tax Accounts
JT AccountS – Newsletter Issue 6
THIS NEWSLETTER TOPICS: Helping businesses tackle the current financial climate! – Director tax-efficient salary recommendations – The New Basis Period Reform – Voluntary National Insurance Contributions – Today not Tomorrow!
Director tax-efficient salary recommendations
Director tax-efficient salary recommendations, when is comes to starting a limited company.
Voluntary National Insurance Contributions
Voluntary National Insurance contributions can help make sure you have enough qualifying years to get the full State Pension. You need to make full contributions for a total of 35 years to obtain a full state pension.
Are you missing out on the Marriage Tax Allowance break?
The marriage allowance is a tax break that allows an individual to give up 10% of their personal allowance (£12,570 in 2023/24 so the amount is £1,260) to their spouse or civil partner.
What is the Basis Period Reform?
With only 6-months remaining before the Basis Period Reform comes in to force this is a MUST-READ article that explains what “basis period reform” is, who is affected by it, and what actions you should take to report your taxable profits to HMRC correctly.
JT AccountS – Newsletter Issue 5
Topics:
Spend less time chasing payments and more time focusing on your business
Thinking of hiring from the EU?
VAT Deferral New Payment Scheme
Are you missing out on the Marriage Tax Allowance break?
When Wills, Lasting Power of Attorneys and Probate really come into their own!
Understanding The Domestic Reverse Charge
Following two previously announced delays the new Domestic Reverse VAT Charge (DRC) for Building and Construction Services will come into force on 1 March 2021.
JT AccountS Newsletter Issue Four: September 2020
TOPICS: Business Bounce Back Loans Property Taxes - April 2020 changes landlords need to be aware of Educate the ExecutorOther Covid-19 Daily Updates:Practice Number: 21331Jacqueline Tetley is licensed and regulated by AAT under licence number 5096.
JT AccountS Newsletter Issue Three: December 2019
JT AccountS Newsletter Issue Three: Published December 2019
JT AccountS Newsletter Issue One: June 2019
JT AccountS Newsletter Issue One: Published June 2019
Covid-19 Late Self-Assessment Support
On 26 March 2020, Chancellor Rishi Sunak announced assistance for the self-employed, intended to be comparable to the help already in progress for furloughed employees. At the time of writing the fine detail is still emerging, but the basics are in this article.
COVID-19 VAT Payment Deferrals
Following Chancellor, Rishi Sunak’s announcement on 20th March 2020 that VAT payments are set to be deferred to help businesses through the COVID19 pandemic, we take a look at the most commonly asked questions our Advice Line has received so far.
Self-employment Income Support Scheme
Self-employment Income Support Scheme
This article was written by Croner Taxwise and permission has been provided to share. On Thursday 26 March the government announced their intention to provide further support for the self-employed in the form of a taxable cash grant.
Inheritance Tax – What is your Current Allowance?
The current inheritance tax (IHT) allowance whereby no inheritance tax is charged is on the first £325,000 (per person) of someone’s estate – which is the value of the total assets they leave behind when they die (or 36% if leaving at least 10% to a charity). Couples can leave a home worth £650,000 without it attracting inheritance tax (singles £325,000). Above the threshold, the charge is 40%. This remains unchanged.
Self-Assessments – Why Plan Ahead?
A Self-Assessment tax return declares all your income for the tax year, including income that has already been taxed at source. If you have paid too much tax during the year you’re likely to receive a rebate. The tax year for every individual in the UK runs from 6th April to the 5th April of the following year. Please note that a Self-Assessment tax return is completely separate to a company tax return.
Corporation Tax – Are You Paying More Than You Need To?
Corporation Tax is a bit like Income Tax for companies, but the difference is that companies don’t have a personal allowance. This means that as soon as your business starts making a profit, it needs to start paying Corporation Tax at the Corporation Tax rate (unless it’s previously made losses).
Are You MTD Ready?
This initiative has already come into force for VAT-registered businesses with a taxable turnover above the current VAT threshold of £85,000. For VAT periods that started on or after the 1 April 2019, these businesses are now legally required to keep records digitally and use software to submit their VAT returns. There are a number of companies who may be exempt from this with a later start date of the 1 October 2019 and we can advice if this applies to you.