How to get your SA302 for mortgage applications

How to get your SA302 for mortgage applications How to get proof of earnings for mortgage or loan applications. What’s new? From 4 September 2017 HMRC will not send SA302s on paper to Agents. HMRC maintain a list of lenders who have agreed to accept the online self-service copy in place of a SA302. Tax overviews and online copy of SA302 tax calculation HMRC advise that a large number of mortgage or loan lenders should now be accepting a self-service copy in place of a paper SA302 sent from HMRC. Typically, the lenders will want to see a tax overview [...]

2018-09-12T00:31:01+00:00September 21st, 2018|Categories: Articles & Guides, HMRC, Personal Finance|Tags: , , , , |0 Comments

Obtaining Gross CIS Payment Status

Obtaining Gross CIS Payment Status Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors gross, your ‘construction’ turnover, net of materials, has to be greater than £30,000. For partnerships and companies this limit increases by £30,000 for each additional partner or director, up to or exceeding £100,000. HM Revenue & Customs will [...]

2018-09-12T00:16:00+00:00September 11th, 2018|Categories: Blog, Taxation|Tags: , , , , |0 Comments

WHAT IS GDPR?

With the European General Data Protection Regulation (GDPR) now in place, the UK will see tougher fines and stricter regulations, across all industries. GDPR regulation for small businesses is a hot topic, but are you complying with the changes? Read our GDPR key points for small businesses and get clear on your responsibilities. The GDPR deadline was 25 May 2018 Before we get into the detail of GDPR and what it means for your small business, it’s worth making a note of the key things you’ll need to keep an eye on and action. Bear in mind that the [...]

2018-07-05T22:12:47+00:00June 28th, 2018|Categories: GDPR|Tags: , , , |0 Comments

VAT ON DISBURSEMENTS

VAT ON DISBURSEMENTS I am a marketing consultant and I have a question about VAT on disbursements. I am incurring some travel expenses which my client has agreed to pay so I will be recharging these expenses to them, I am VAT registered but there is no VAT on my travel costs – do I need to charge VAT to the client when I recharge them? If you are VAT registered and make a purchase on your customers’ behalf you may be able to invoice your customer without charging VAT. This treatment is called ‘disbursements’ for VAT. This can be advantageous [...]

2018-07-17T17:55:34+00:00March 30th, 2018|Categories: VAT|Tags: , , |0 Comments

AUTUMN BUDGET 2017

AUTUMN BUDGET 2017 Chancellor Philip Hammond has delivered his first Autumn Budget under the new system he announced this time last year. The aim of the new system is for the Finance Bill, which is normally published after the annual Budget, to reach Royal Assent stage in the spring of each year, before the start of the following tax year. This change in the annual timetable is designed to help Parliament to scrutinise tax changes before the tax year where most take effect. The Finance Bill should be published on 1 December 2017. By the end of March 2018, [...]

2018-07-05T22:23:02+00:00November 25th, 2017|Categories: Budget Reports|Tags: , , , , , , , |0 Comments

Personal Tax Account

Personal Tax Account (PTA) What is a Personal Tax Account? How do I get one? What can I do with it? HMRC launched this account in December 2015 It is intended to make it easier for individuals to review and manage their tax affairs online, together with other interactions with HMRC such as tax credits or child benefit. See below for a list of features and services available through the account By December 2016, 7 million people had accessed their account. Setting up a PTA Before you can set up your account you will need to verify your identity with [...]

2018-09-12T00:36:42+00:00August 18th, 2017|Categories: Articles & Guides, HMRC, Taxation|Tags: , , , |0 Comments

June Questions and Answers

Q. Before I became registered for VAT, I bought a capital item from a friend, which cost £1,000. As it was a private purchase, I did not pay any VAT. I have now joined the flat rate scheme (FRS) for VAT and have just sold the same item for £500. Should I have charged VAT on the sale and included the gross total in my calculation for flat-rate VAT? A. HMRCs VAT Notice 733 at paragraph 15.9 confirms that where input tax is reclaimed on capital expenditure goods then, when the goods are eventually sold out of the business, you [...]

2017-06-22T14:24:36+00:00June 22nd, 2017|Categories: Questions & Answers|Tags: , , , |0 Comments

CGT annual exemption: use it or lose it!

Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances when a gift is made. The most common method for minimising a liability to capital gains tax is to ensure that the annual exemption is fully utilised wherever possible. Whilst this is relatively straight-forward where only capital gains are in question, the computation can be [...]

2017-06-17T14:21:51+00:00June 17th, 2017|Categories: Taxation|Tags: , |0 Comments

Managing your Mileage Claims with Tripcatcher

Managing your Mileage Claims with Tripcatcher Tripcatcher is the mileage app that helps you keep an accurate record of your business miles. You can log your business miles, create expense reports and update your online accounts. Tripcatcher can save you time and money. Advantages of Using Tripcatcher instead of manual spreadsheets: Tripcatcher is the only UK based mileage expense app that claims back the VAT on your fuel. Tripcatcher is built specifically for the UK and complies with HMRC requirements. It supports the 10,000 mile threshold and deals if you do more miles than that per annum. It [...]

2018-06-28T01:30:35+00:00June 16th, 2017|Categories: Cloud Accounting|Tags: , , , |0 Comments
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