THP Blog
How to rent a room at home tax free!
Posted by Jon Pryse-Jones on May 30, 2018
Since April 2016, the amount of tax-free income you can earn from letting out furnished accommodation in your home has increased to £7,500 per annum or £3,750 if two persons own a property jointly. Here we look at how the rent a room scheme works and the tax rules.
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Items you can claim for on your Tax Return
Posted by Jon Pryse-Jones on April 25, 2018
When your tax return for 2017-18 is completed, make sure you remember the following expenses. Sometimes they are overlooked.
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Some questions answered on Making Tax Digital
Posted by Jon Pryse-Jones on April 18, 2018
If you’re self-employed, then just the thought of completing an annual self-assessment tax form can fill you with dread. How long is it going to take? Now where did I put all of my receipts? The Government could have a solution though. In a move to make it easier for individuals and businesses to get their tax right, Making Tax Digital (MTD) could put an end to the annual tax return for millions.
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Just submitted your own Tax Return online? Think you have paid the right amount of Tax? Think again!
Posted by Jon Pryse-Jones on February 1, 2018
For THP, this 2016/17 SA tax return season has been particularly stressful, as there have been so many exclusions from online filing. These exclusions were all caused by HMRC being unable to programme their tax computations to work your tax out correctly according to tax law! Although HMRC issued a fix to their tax computation
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Claiming Tax Credits? Don’t miss the 31 January deadline!
Posted by Jon Pryse-Jones on January 23, 2018
Although the renewal date for 2017/18 tax credit claims was 31 July 2017, any estimated figures provided at that time must be confirmed by 31 January 2018. If you are self-employed and claiming tax credits, you have to provide your income details twice to HMRC – once on your Self-Assessment tax return and also as part
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Company Capital Gains Tax indexation relief is frozen. Ouch.
Posted by Jon Pryse-Jones on December 1, 2017
Before the Autumn Budget, the Capital Gains Tax (CGT) calculations for companies included a relief called the indexation allowance. Basically, this allowed a company to increase the deemed acquisition cost of an asset by the annual rate of inflation. If the deemed purchase cost of an asset being sold is increased, the taxable gain when
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No more queuing at that post office or sticking your tax bill on that personal credit card!
Posted by Jon Pryse-Jones on October 30, 2017
If you are one of those with plenty of time on your hands and who like to join that eternal queue in the good old (or should that be bad old?) post office to settle your tax bills then you’d best take a seat.
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Children aged under 18 and tax – a few key considerations
Posted by Jon Pryse-Jones on October 6, 2017
Income tax and National Insurance As with adults, children aged under 18 can earn up to the tax free allowance in each tax year (£11,500 in 2017/18) and pay no income tax.
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Being investigated by HMRC: What you need to know
Posted by THP on October 4, 2017
What to expect from a HMRC tax investigation As kids we’re afraid of things that go bump in the night and the monster that may or may not be lurking under our bed. It’s a basic fear of the unknown. As adults, this fear doesn’t go away but it does take on a slightly different form.
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Common questions about Inheritance Tax
Posted by THP on September 29, 2017
Dealing with a death of a parent is not only emotional, it can also be exhausting. When a friend’s mum passed away a few months back, she described how the process of probate, getting the estate valued and ensuring the correct tax was paid, meant she had little time to actually mourn.
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