Since 6 April 2021 large and medium-sized organisations have had to determine whether or not a worker supplying their services via their own personal service company would be treated as an employee if directly engaged. HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status,…
Category Archives: Blog
19
Aug
Aug
As you may have heard, HM Revenue & Customs have already started implementation of MTDfV, however, the first phase introduced a couple of years ago was only necessary if your VAT registered business had a turnover above the VAT threshold, currently £85,000. If your business is VAT registered, but is not already filing MTD VAT…
19
Aug
Aug
At Saint & Co we work with clients all along their journey, whether they’re just starting or an established business or a private individual. We have a full range of accounting, tax, wealth and business advisory services to help our clients improve, streamline and grow their business and personal finances. We’ve earned a reputation for…
17
Aug
Aug
Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of…
15
Aug
Aug
With more people staycating the demand for holiday property has never been higher and many people are taking advantage of this increase in demand. Airbnb often has the flexibility owners require, whether you are letting a room in your own home or a separate property. However don’t get caught out by the taxman who will…
14
Aug
Aug
Claiming employment allowance means reducing your annual National Insurance liability as a business owner or employer by up to £4,000. Since April 2020, receiving employment allowance is now reliant on you making what’s known as a de minimis State Aid declaration. This may sound daunting, but we’ll break down exactly how you can do this…
11
Aug
Aug
VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2023. The obligation to keep records in a digital format and report information quarterly…
05
Aug
Aug
The fifth (and final) SEISS grant for the self-employed is now available to claim. You must make your claim on or before 30 September 2021. HMRC will contact those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed…
03
Aug
Aug
Where a property is let out as a furnished holiday let as opposed to a longer term residential let, there are a number of advantageous tax reliefs available including the following: Business Asset Disposal relief – Taxable gains on disposal of FHL properties are charged at a lower Capital Gains Tax rate of 10%. Gains…
03
Aug
Aug
Most people are aware that when you sell your main residence there will be, in most cases, no capital gains to report and no tax to pay. The reason for this is because there is a specific exemption which means that where a property has been occupied as your main residence it is possible to…