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Calculate Simplified Expenses When You Work From Home This one, like the previous one, boils down to not making assumptions. Property management requires a lot of administrative work, which most landlords do from home. If you work from home and are self-employed, you can deduct the costs of running your home office as a tax deduction. Most self-employed people will deduct a standard amount using the government's work from home expenses. This is because there are no calculations required, and HMRC is far less likely to argue with you about your expenses if you use their rates. There are additional simplified expenses that you can claim, and this Tax Insider article does an excellent job of breaking them down. However, for some people, doing the actual math is worthwhile , especially if you have an office space in your home. Best accountant in London You can compute percentages of your bills and compare them to the flat rate. You only need to perform this calculation once to determin...

 In order to increase your retirement savings, you can use your tax refund. What would you do if you had more than $3,000 in the bank? How much do you think? It's possible that you'll get a little more than $3,000 in your tax refund if your refund is similar to the average direct deposit tax refund from last year. The question is, what will you do with it when it arrives? Contributing to a retirement account is the wisest course of action because it will have the greatest long-term impact. With time, the money grows tax-deferred or tax-free, making it a wise investment option for those who are younger. Doing so, here are a few pointers: A temporary increase in monthly contributions to your retirement account can be requested from your employer if you have a 401(k) or 403(b) plan through your employer that allows you to make contributions and you haven't been contributing the maximum. Your paychecks will be smaller because of the additional contributions, but your tax refun...

Dormant company accounts are filed in what manner? Formerly traded companies include: It's not necessary to file an annual Company Tax Return , profit and loss account, or directors' report if the company has been dormant for the entire financial year Although you are required to submit annual financial statements, the following is not one of them: director's signature on the balance sheet, stating that the company was dormant at the time of the audit comparative data from the previous year. The balance sheet includes some notes. best accountant in London Understanding the PSC register and confirmation statement Remember that even if you don't have to submit your company's financial statements to Companies House, you may still be required to do so for the benefit of the company's shareholders. Additionally, an annual Confirmation Statement must be submitted. Companies that haven't done business before: Filing annual accounts is even easier if your company ha...

 VAT reversal for the construction industry (domestic reverse VAT charge). Will this ever be put into action? If you work in the construction industry, you may have heard about the implementation of reverse charge VAT, which was supposed to take effect on October 1, 2019. This was delayed by a year to October 2020 due to the industry's lack of readiness, and it has now been delayed again due to Covid 19. The most recent update indicates that the changes will take effect on March 1, 2021. Let us take a look at these changes and why they are being implemented. What is the point of these modifications? Simply put, there are two main reasons for the change: 1) to speed up tax payments to the Exchequer, and 2) to reduce fraud. Under the current system, suppliers charge customers VAT and then pay HMRC the Vat collected on a quarterly basis. This improves cash flow for suppliers while delaying tax payments to the Exchequer. The current system also allows unethical suppliers to charge cust...