Taxation

This category contains 33 posts

Recharging Expenses and VAT

Recharging expenses occurs when you ‘recharge’ your expenses to your customer eg travel fare or hotel bills.Note that recharges are not disbursements. If you are VAT-registered, there are VAT consequences to be aware of when processing recharges. Using three expenses: You were charged £100 + £20 VAT (for perhaps hotel accommodation); You were charged £30 … Continue reading

A small blow to Individuals – Self Assessment

From 13 January 2018, HMRC will stop accepting payments by personal credit card. This means you need to have the money in your bank account to cover your dues if relying on the Jan 31 deadline. On one hand, it’s a good move since credit card interest is much higher than what HMRC imposes for … Continue reading

What your Tax Code means

Letters in your tax code refer to your situation and how it affects your Personal Allowance. Letter What it means L You’re entitled to the standard tax-free Personal Allowance M Marriage Allowance: you’ve received a transfer of 10% of your partner’s Personal Allowance N Marriage Allowance: you’ve transferred 10% of your Personal Allowance to your … Continue reading

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