The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse…
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A landlord running an incorporated business is likely to need to use their own car for the purposes of the business. Where this is the case, what can they claim by way of expenses? Two options Costs incurred wholly and exclusively for business purposes can be deducted when working out…
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Many businesses have been forced to close as a result of the national and local restrictions introduced to slow the spread of Coronavirus. Where this is the case, the business may be eligible for a grant from their local authority. The following grant support is available to businesses in England…
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The deadline for filing your 2019/20 tax return is fast approaching, as is the due date for the first payment on account for 2020/21. Now is the time to think about whether you can reduce your payments on account. Need to make payments on account If you pay tax under…
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HMRC’s guidance on making claims through the Coronavirus Job Retention Scheme was updated on 19 November 2020. The updated guidance now includes various examples of what is meant by a ‘reasonable excuse’ for employers that submit furlough claims after the stated deadline. Claims for the periods from 1 July 2020…
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The way a small business in the UK can save tax (legally!) is to engage in a proper tax optimization strategy. Forget any ideas of never paying any tax. It just doesn’t happen (legally). Sure, sure, we’ve heard the rumors about “digital nomads” who spend only three months a year…
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One of the best things about small businesses is that their size allows them to react and make decisions quicker than larger companies, but that advantage can be minimized if you are bogged down by your accounting and finances. With a specialist small business accountant from Cloud Tax Ltd, you…
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This week we can reflect on the good news of the first vaccines arriving, being distributed and administered to people in the UK. The Government plans state the aim of the COVID-19 vaccination programme is to protect those who are at most risk from serious illness or death from COVID-19.…
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Interest paid on loans used for qualifying businesses purposes should be eligible tax relief and can save up to 45% of the cost of the interest. The repayment of the capital element of a loan is never deductible for income tax relief purposes. However, interest paid on loans to a…
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Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. For 2019/20 onwards the annual turnover limit below which a business can use the cash basis is…
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