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Aug 1, 20243 min read
Class 2 NIC refunds made in error – Action to take - Bookkeeping Services Manchester | Go Figure Financial
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the...
Aug 1, 20243 min read
Making student loan repayments through Self Assessment - Bookkeeping Services Manchester
There are three ways in which former students with student or post-graduate loans can make loan repayments: · from deduction from their...
Aug 1, 20243 min read
VAT flat rate scheme – Is it for you? - Bookkeeping Services Manchester | Go Figure Financial
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT...
Aug 1, 20243 min read
Wealthy taxpayers within PAYE – When is a tax return required? - Bookkeeping Services Manchester - Go Figure Financial
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where...
Aug 1, 20243 min read
When is a child’s income taxable on their parent? - Bookkeeping Services Manchester | Go Figure Financial
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income...
Aug 1, 20243 min read
Beware of the lifetime limit when claiming BADR on the sale of the FHL - Bookkeeping Services Manchester | Go Figure Financial
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the time of the 2024 Spring Budget, it was announced...
Aug 1, 20243 min read
Claiming a deduction for the expenses of a property business - Bookkeeping Services Manchester | Go Figure Financial
Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, it is important that all...
Aug 1, 20243 min read
A repair or an improvement and why it matters - Bookkeeping Services Manchester | Go Figure Financial
As a landlord, periodically you will need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating,...
Jul 4, 20243 min read
Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives - Bookkeeping Services Manchester | Go Figure Financial
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities...
Jul 4, 20242 min read
VAT – payback and clawback rules – what happens if there is a change of plan? - Bookkeeping Services Manchester | Go Figure Financial
VAT applies to taxable supplies made by a VAT-registered person whether an individual or a company. VAT-exempt supplies in the UK are...
Jul 4, 20243 min read
Is it worth filing a formal complaint with HMRC? - Bookkeeping Services Manchester - Go Figure Financial
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour on the...
Jul 4, 20242 min read
Tax implications of letting out your drive - Bookkeeping Services Manchester | Go Figure Financial
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done...
Jul 4, 20243 min read
Letting through a company - Bookkeeping Services Manchester | Go Figure Financial
The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished...
Jul 4, 20242 min read
‘Brightline’ test for FHLs ruled out - Bookkeeping Services Manchester | Go Figure Financial
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that...
Jul 2, 20242 min read
Tax relief on charitable donations - Bookkeeping Services Manchester | Go Figure Financial
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If...
Jul 2, 20243 min read
Setting up as a sole trader - Bookkeeping Services Manchester | Go Figure Financial
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for...
Jul 2, 20243 min read
Will paying voluntary NICs boost your pension? - Bookkeeping Services Manchester | Go Figure Financial
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or...
Jul 2, 20243 min read
Investing the proceeds from the sale of the family home and the IHT gifts from income exemption - Bookkeeping Services Manchester | Go Figure Financial
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of a...
Jul 2, 20243 min read
Do you now need to pay tax on your dividend income? - Bookkeeping Services Manchester | Go Figure Financial
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first time. The...
Jun 5, 20243 min read
Do you have to take a dividend? Reasons why not to - Bookkeeping Services Manchester | Go Figure Financial
Many directors believe they have an absolute right to monies deposited in a company's bank accounts. However, payment cannot just be...
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