Record Keeping For The Self-Employed

A webinar from HMRC that covers setting up a record-keeping system, what to record, how long to keep records and record keeping mobile applications. It is important to put in place a good record-keeping system that you update regularly. This video also has a handy reminder of basic accounting terms such as:

• Accounting Periods
• Turnover
• Taxable Profit
• Allowable Business Expenses

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Let Property Campaign

HM Revenue and Customs (HMRC) have introduced a new campaign which enables landlords who may owe tax on rental income to get their tax affairs up to date without incurring large penalties for non-payment. The Let Property Campaign is for individual landlords who rent out residential property either in the UK or abroad. Landlords who think they may owe tax on previously undisclose… Continue Reading

Fairer treatment for modest earners under Labour’s proposed mansion tax

According to a recent BBC report, the Shadow Chancellor Ed Balls has stated that those who are “asset rich but cash poor” will be treated fairly under Labour’s proposed mansion tax. People who own homes valued at over £2m but who do not have large incomes could obtain tax relief. A mansion tax is opposed by the Tories but supported by the Lib Dems. The Labour plan is… Continue Reading

VAT Rates – Now you are Registered

View this HMRC video in which you will be taken through the different VAT rates and some things that don’t include VAT. It also contains information about what you can and can’t claim for VAT, and keeping the correct business records. … Continue Reading