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What constitutes profit for tax purposes?
December 5th, 2019

There is no simple answer to this question. We have listed below some of the matters that need to be are considered. As self-employed business owners’ profits are subject to income tax and National Insurance – and limited companies to corporation tax – we have divided our comments accordingly. Before making this distinction it is […]

Tax Diary December 2019/January 2020
December 3rd, 2019

1 December 2019 – Due date for Corporation Tax payable for the year ended 28 February 2019. 19 December 2019 – PAYE and NIC deductions due for month ended 5 December 2019. (If you pay your tax electronically the due date is 22 December 2019) 19 December 2019 – Filing deadline for the CIS300 monthly […]

Obtain proof of employment history
December 3rd, 2019

If you need evidence of employment for a claim, the following notes published by HMRC may help. You can ask HMRC for a record of your employment history, for example if you are making a compensation claim for: an industrial injury (for example asbestosis or industrial deafness) a road traffic accident medical negligence hardship (for […]

Christmas gifts
December 3rd, 2019

You don’t have to pay tax on a benefit (gift) to your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash or a cash voucher it isn’t a reward for their work or performance it isn’t in the terms of their contract Gifts that fall into […]

Flood support
December 3rd, 2019

The government announced 13 November that it will extend its Farming Recovery Fund to support farmers badly affected by the recent flooding across Yorkshire and the Midlands. Through this scheme, farmers and land managers who have suffered uninsurable damage to their property will be able to apply for grants of between £500 and £25,000 to […]

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