The law says that rental property losses can be carried forward and automatically used to reduce later profits. However, HMRC is likely to ask you for evidence of the loss you are claiming. Do you own a property that you have let out for several ... [Continue Reading]
The differences between an accountant and a bookkeeper
So what is the difference between an accountant and a bookkeeper? As a small business, managing your finances is no small task. It is imperative to have management information including good cash flow management. You might carry out some of the tasks ... [Continue Reading]
Landlords and Tax – HMRC join the dots..
Landlords are seen as a lucrative source of underpaid tax because of the data now available to HMRC. HMRC’s “Connect” system has been in operation since 2017 checking data from various government and local authority databases. By cross referencing ... [Continue Reading]
MTD – Making Tax Digital
HMRC is sending letters about MTD (Making Tax Digital) to all businesses in the Loughborough area which are registered for VAT and have a turnover in excess of the VAT threshold of £85,000. The letter is basically saying that MTD is coming and your ... [Continue Reading]
Budget summary 2018
Phillip Hammond has delivered his third budget as Chancellor. What does the budget mean for you? Personal taxation and wages National living wage will be increased by 4.9%. It will go from £7.83 to £8.21 an hour in April ... [Continue Reading]
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