HMRC Let Property Campaign Voluntary Disclosure – Case Study Martax Accountant is a firm of Chartered Certified Accountants providing services to individuals and small businesses in the UK. We are registered with the Association of Chartered Certified Accountants (ACCA). Since we started our company in 2013, we have submitted Let Property Campaign disclosures for many
Business Archives - Martax Accountants
April 19, 2024
March 28, 2024
Self Assessment Tax Return deadline and Penalties
Self-Assessment Tax Return Filing Deadline The deadline for the filing a self-assessment tax return is 31 January following the end of the tax year. What is a tax year in the UK? In the UK, the tax year is a period of 12 months, which starts on 6 April and ends on the following 5
April 22, 2021
Xero Certified Accountants and Gold Partner Status
We are proud to announce that Martax Accountants has achieved Gold partner status with the leading cloud-based accounting software, Xero. We are one of the few businesses in Surrey that have reached this status. We are Xero Certified Advisor since we established our accountancy practice in 2013. With the additional training and support from Xero,
April 16, 2020
Tax Data Guide 2020/21 (Corporation tax, Stamp taxes, Car benefit, Capital allowances, Value added tax & Investment reliefs)
Corporation tax Financial year to 31/03/2021 31/03/2020 Rate 19% 19% Stamp taxes Shares and marketable securities 0.5%³ Transfers of land and buildings₄ Residential (on band of consideration)₅,₆,₇ £0 – £125,000 0% £125,001 – £250,000 2% £250,001 – £925,000 5% £925,001 – £1,500,000 10% Over £1,500,000 12% Non-residential (on band of consideration) £0 – £150,000 0%
April 9, 2020
Tax Data Guide 2020/21 (Income tax allowances, Income tax rates, NI, Inheritance tax, Tax-free mileage allowance, Capital gains tax & Individual savings accounts)
Income tax allowances Rates 2020/21 2019/20 Personal allowance £12,500 £12,500 Income limit £100,000 £100,000 Transferable marriage allowance £1,250 £1,250 Married couple’s allowance (relief at 10%) Either partner born before 6.4.1935 £9,075 £8,915 Income limit £30,200 £29,600 Minimum where income exceeds limit £3,510 £3,450 Blind person’s allowance £2,500 £2,450 Dividend allowance £2,000 £2,000 Personal savings allowance Basic
April 8, 2020
Self employed income support scheme (SEISS)
The self-employed income support scheme (SEISS) will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next three months during this coronavirus pandemic. This may be extended if needed. The Government guidance notes that this is only where income has been
April 7, 2020
Claim for your employees’ wages through the Coronavirus Job Retention Scheme
On March 2020, the government announced measures to protect employers and employees under the coronavirus job retention scheme. Under this scheme, all UK employers will be able to access support from the Government to continue paying part of their employees’ salaries for those who would have otherwise been laid off during the coronavirus outbreak. However,
April 7, 2020
Who are ‘furloughed employees’ under HMRC coronavirus job retention scheme?
Who are ‘furloughed employees’ under HMRC coronavirus job retention scheme? ‘Furloughed’ is a term more frequently used in the USA where it means a temporary suspension of employment for a certain period of time, during which an employee does not receive wages. A furlough can occur as a planned period of time off work, eg
March 12, 2020
Payment of Dividends – Practical issues for small companies
The below article will provide some guidance on the procedures and some practical issues involved in making dividend payments by the directors of small limited companies. Procedure for valid dividend payment? The company’s Articles of Association govern the payment of dividends. There are essentially/mainly two types of dividends: – Final dividends – Interim dividends Final
February 13, 2020
HMRC new guide for the non-UK resident companies
From 6 April 2020, Non-UK resident companies including those who invest in UK property through collective investment vehicles will pay Corporation Tax instead of Income Tax on profits from UK property. This will not apply to you if you: – Have tax deducted under the Non-resident Landlord Scheme and are not required to file a