3 Hill StreetRedcarNorth YorkshireTS10 1BU

Penny & Pounds

Accountancy Services in Redcar

Tuesday 19th of February 2019

Phone Number: 01642 503 378

Mobile Number: 07855 326 609

Expenses of Working from Home

  • Posted by:
  • Admin
  • Tags:
  • Expenses of Working from Home
  • Posted date:
  • 24-01-2019

Many employees currently do choose to. Spending more time at home will have implications for electricity, water, telephone and fuel bills. To reduce the high cost of the bills, you should consider informing HMRC because of its allowance. A person who has not been claiming allowance can now do it as far back as to the year 2012/13. The advantage of the allowance is that it is not taxed or subjected to NIC’s. Many small business...

Posted by:Admin on:2019-01-24 09:25:00 Read More

Employment Related Expenses

  • Posted by:
  • Admin
  • Tags:
  • Employment Related Expenses
  • Posted date:
  • 10-01-2019

When it comes to employee expenses, the general rule is extremely restrictive and has its own logic. As a result of its restrictiveness, we'll look at the actual wording of tax acts, even if it sounds rather challenging. According to the law, an employee must meet two conditions for him/her to a treat a work expense as an allowable deduction for tax. They are:The employee is allowed to incur and pay as a holder of the employment,...

Posted by:Admin on:2019-01-10 09:24:00 Read More

Self-employed Tax Returns

  • Posted by:
  • Admin
  • Tags:
  • Self-employed Tax Returns
  • Posted date:
  • 27-12-2018

Self-employed Tax Returns The filing of self-assessment tax return is a requirement by the law. As the financial season comes to an end, it is time to consider the obligations of a company director when it comes to the filing a self-assessment tax return. There are times when a return notice is issued. In this case, it becomes a requirement for the director first to file a tax return with HMRC. In cases where...

Posted by:Admin on:2018-12-27 09:22:00 Read More

What is Capital Gains Tax

  • Posted by:
  • Admin
  • Tags:
  • What is Capital Gains Tax
  • Posted date:
  • 06-12-2018

Capital Gains Tax Capital Gains Tax is a tax that is charged on the profit you make after selling something that belongs to you. It is important to note that the tax is levied on the profit you realise, and not on the amount you receive from the sale. Disposal can take the form of selling, giving away, exchanging it for something else or even getting an insurance compensation for it. Profits on the disposal of most...

Posted by:Admin on:2018-12-06 09:21:00 Read More

Self Assessment Tax Return

  • Posted by:
  • Admin
  • Tags:
  • Self Assessment Tax Return
  • Posted date:
  • 21-11-2018

Self Assessment Tax Return In the UK, the majority of taxpayers are usually taxed at the source. They, therefore, do not require completion of Self-Assessment Tax Return. Taxation at source means that you receive money after tax has been deducted. It is the same as UK bank interest or Pay As You Earn system where taxpayers receive net income after taxation. Those who receive income that is not taxed at source or...

Posted by:Admin on:2018-11-21 16:11:52 Read More

Flat Rate VAT Scheme

  • Posted by:
  • Admin
  • Tags:
  • Flat Rate VAT Scheme
  • Posted date:
  • 09-10-2018

The amount of VAT a business pays or claims back from HM Revenue and Customs (HMRC) is usually the difference between the VAT charged by the business to customers and the VAT the business pays on their own purchases.With the Flat Rate Scheme:you pay a fixed rate of VAT to HMRCyou keep the difference between what you charge your customers and pay to HMRCyou can’t reclaim the VAT on your purchases – except for certain capital assets over £2,000For...

Posted by:Admin on:2018-10-09 15:33:14 Read More

Making Tax Digital

  • Posted by:
  • Admin
  • Tags:
  • Making Tax Digital
  • Posted date:
  • 09-10-2018

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.The government announced its vision for modernising the tax system at March Budget 2015.At Spring Budget 2017 the government announced that it would provide 3.1 million small businesses with an extra year (until 2019) before they...

Posted by:Admin on:2018-10-09 15:31:35 Read More