A Trust that is created by settlors often referred to as Expressed Trusts normally require registering with the Trust Registration Service (TRS). But do you have a non-taxable Trust that did not previously require to be registered? TRS which was introduced in 2017 was initially set up to register beneficial ownership of those Trusts which […]
Author Archives: Priya Raja-Motala
Business Tips, Corporation Tax, HM Revenue & Customs, Personal Tax, VAT
Why you need a Government Gateway Account
03
Aug
Aug
What is a government gateway? Why do you need a government gateway account anyway? The gateway is a central location via which you can access various services including your tax account. How many of you have tried to contact HM Revenue & Customs (HMRC) recently over the phone only to get frustrated with the holding […]
Accounting Tips, Business Tips, Personal Tax, Tax Advice
Business expense if you don’t charge a market rent?
27
Jul
Jul
Are you a landlord? Have you let out your property at an undervalue? If so, what business expense can you claim if you don’t charge a market rent? As a landlord and a tax payer you want to maximise tax savings and claim all the possible expenses against your rents. Why would you not […]
20
Jul
Jul
Are you a business that operates your own payroll? Do you want to be involved with paying your staff or is it because you do not want to incur payroll fees? How do you get payroll right for your small business? Do you rely entirely on the software? Or the HMRC Basics Tools? Do you […]
13
Jul
Jul
It’s been a very long week at least on the domestic political scene. It seems longer than just a week ago when we saw the resignation of Sajid Javid followed very quickly by the then Chancellor Rishi Sunak causing a chain reaction eventually leading to the Prime Minister’s (PM’s) resignation. So here we are a […]
06
Jul
Jul
The pandemic has changed a few things but one of the key changes has been that more of us are now working from home. The question that is now being asked is what can you claim for business travel? Travelling expenses when you are working from home is something most employees seek to claim back […]
22
Jun
Jun
Have you ever noticed how everybody is always busy? “I don’t have any time” seems to be an overused phrase in many normal conversations whether that be business or personal But if we are really honest, it is not the time that is an issue, it is a question of priorities. In fact, it is […]
15
Jun
Jun
Everyone who is on a payroll or receives a private pension will have a tax code from HM Revenue & Customs (HMRC). This code also referred to as PAYE code tells your employer or pension provider what tax to deduct. But how do you understand your PAYE code? Do you fully understand what is and […]
08
Jun
Jun
If you have any business, you want to make sure that you maximise your tax position. The same applies to when you are a landlord, so what expenses can you claim against your rental income? We refer to these as allowable expenses so in other words your business costs that can be deducted from profits. […]
01
Jun
Jun
How do you get a repayment from HMRC? When you have overpaid tax, you obviously want it repaid. But how do you get a repayment from HMRC? How will you know if you are entitled to a refund of tax? And once you know is it necessary to complete a Self-Assessment Tax Return? […]