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Sep 2, 20243 min read
Treating tenants’ deposits correctly for tax purposes - Go Figure Financial | Bookkeeping Services Manchester
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than five...


Sep 2, 20243 min read
New residence-based regime for foreign income and gains - Go Figure Financial | Bookkeeping Services Manchester
The remittance basis of tax is an optional tax treatment that allows individuals who are resident but not domiciled in the UK to pay tax...


Sep 2, 20243 min read
Workplace nursery partnership schemes - Go Figure Financial | Bookkeeping Services Manchester
No tax charge arises in respect of the provision of a nursery place for an employee’s child at a workplace nursery provided that the...


Sep 2, 20242 min read
Claiming refunds of overpaid PAYE - Go Figure Financial | Bookkeeping Services Manchester
If it works correctly, the tax that is collected under PAYE will exactly match the tax that is due for the year. However, in practice,...


Sep 2, 20242 min read
VAT on school fees - Go Figure Financial | Bookkeeping Services Manchester
As outlined before the election, the new Government are to go ahead with their proposal to impose VAT on school fees. Legislation was...


Sep 2, 20242 min read
Using form R40 to claim a tax refund - Go Figure Financial | Bookkeeping Services Manchester
If you are entitled to a refund of tax deducted from savings and investment income, you can claim the refund using form R40 if you do not...


Aug 1, 20243 min read
Tax implications of different methods of business finance - Bookkeeping Services Manchester | Go Figure Financial
For many businesses, initial set-up costs are low with just an internet connection, smartphone and a laptop. Invariably, funding for...


Aug 1, 20243 min read
Claiming tax relief on work clothes - Bookkeeping Services Manchester | Go Figure Financial
Many employees are required to wear a uniform or particular type of clothing whilst at work. Even where there is no set uniform, many...


Aug 1, 20243 min read
When is a VAT invoice not a VAT invoice? - Bookkeeping Services Manchester | Go Figure Financial
Although suppliers such as mobile phone providers are VAT registered, a careful look at the invoices issued to customers shows the words...


Aug 1, 20243 min read
Class 2 NIC refunds made in error – Action to take - Bookkeeping Services Manchester | Go Figure Financial
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the...


Aug 1, 20243 min read
Making student loan repayments through Self Assessment - Bookkeeping Services Manchester
There are three ways in which former students with student or post-graduate loans can make loan repayments: · from deduction from their...


Aug 1, 20243 min read
VAT flat rate scheme – Is it for you? - Bookkeeping Services Manchester | Go Figure Financial
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT...


Aug 1, 20243 min read
Wealthy taxpayers within PAYE – When is a tax return required? - Bookkeeping Services Manchester - Go Figure Financial
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where...


Aug 1, 20243 min read
When is a child’s income taxable on their parent? - Bookkeeping Services Manchester | Go Figure Financial
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income...


Aug 1, 20243 min read
Beware of the lifetime limit when claiming BADR on the sale of the FHL - Bookkeeping Services Manchester | Go Figure Financial
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the time of the 2024 Spring Budget, it was announced...


Aug 1, 20243 min read
Claiming a deduction for the expenses of a property business - Bookkeeping Services Manchester | Go Figure Financial
Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, it is important that all...


Aug 1, 20243 min read
A repair or an improvement and why it matters - Bookkeeping Services Manchester | Go Figure Financial
As a landlord, periodically you will need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating,...


Jul 4, 20243 min read
Encouraging private investment into small and medium-sized companies – government-endorsed tax incentives - Bookkeeping Services Manchester | Go Figure Financial
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities...


Jul 4, 20242 min read
VAT – payback and clawback rules – what happens if there is a change of plan? - Bookkeeping Services Manchester | Go Figure Financial
VAT applies to taxable supplies made by a VAT-registered person whether an individual or a company. VAT-exempt supplies in the UK are...


Jul 4, 20243 min read
Is it worth filing a formal complaint with HMRC? - Bookkeeping Services Manchester - Go Figure Financial
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour on the...
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