Don’t forget to declare coronavirus grants on tax returns
With less than 100 days to go until the deadline for the 2021/22 tax return, HMRC is reminding self-employed taxpayers to ensure coronavirus payments are included. What do you need to declare?
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Review how much VAT charged on sales?
A recent Tribunal case ruled that HMRC’s logic was flawed in dealing with a “what is the supply” challenge. Does this mean you should check that you are charging VAT correctly on your sales if there could be doubt about what you are selling?
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Are buy-to-let companies worth the hype?
There’s no doubt that landlords have been on the receiving end of multiple tax hikes in recent years. So called “property experts” will tell you that the best tax-saving strategy is to operate through a company. Are they right?
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Electronic VAT return
It’s over a year since the final tranche of payments under the self-employment income support scheme (SEISS) closed for application. As a result, it’s easy to overlook them when completing your tax return. Under the rules, you need to declare the payments received in the tax year, as was the case for the 2020/21 returns. So, which payments should you include?
The grants paid during 2021/22 were the fourth and fifth grants. The SEISS rules for these grants took account of profit figures from 2019/20, whereas the first three tranches didn’t. That means that those who were new to self-employment (including partnerships) in 2019/20 may have received the fourth tranche as their first payment under the SEISS. If that applies to you, you won’t have reported SEISS payments on your return previously, so make sure you read the guidance carefully
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