Self Assessment is a system HM Revenue and Customs HM Revenue and Customs uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax…
Tax, reliefs and allowances on different types of property income. There are many ways to earn an income from property such as residential properties, furnished holiday lettings, commercial properties and renting out a room in your house. The exact tax…
A guide to capital gains tax and the reliefs available for 2017 When you buy an item with the intention of selling it for a profit, that transaction is treated as a trade and you should pay income tax on…
Last month we introduced you to the HMRC project Making Tax Digital being the proposed system for quarterly reporting of business activity being introduced from 6th April 2018. The legislation to introduce MTD was due to be passed in the…
What combination of salary and dividend should you take in 2017/18? As the owner and director of your own company, you can choose how and when to extract funds from your company. As almost all the funds you take out…
The deadline to submit your self-assessment paper tax return for the 2016/17 tax year is 31 October 2017. All income received during the tax year running from 6 April to 5 April must be accounted for in your tax return.…
Budget Update: Mr Umar Memon When I first joined Jack Ross, it was a ritual that on Budget day, the partners huddled round the radio listening to the Chancellor and trying to instantly work out the effects of the proposals…
Research and development (R&D) tax credit claims by small businesses climbed to £1.345 billion in 2015/16, according to HMRC. The revenue recently released R&D data for the previous financial year that shows claims increased from £1 billion in 2014/15 to…
As one of life’s few certainties, most people are familiar with dealing with taxes. Tax is generally automatically deducted from your wages, pensions and savings. However, people and businesses with other income must make sure they report this in a…
Too much power? The Economic Affairs Committee has said that HMRC has recently been given some broad powers without effective safeguards. HMRC have introduced high penalties which are designed to deter taxpayers from appealing. The committee has claimed that this…
You might be forgiven for ignoring last week’s budget given that we have an election in six week’s time and an emergency budget soon after. We know that not all of the measures will come to fruition, but two trends are likely…
Fee Protection Insurance Here at JacRox we understand that tax is a little word with big implications. That is why we work hard to give you the best possible advice and strategies to make tax altogether less taxing. The very…