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How long do you have to keep records for self assessment?
5 years You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC )...
Category: Environment
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Is VAT charged on surcharge?
Your surcharge is a percentage of the VAT outstanding on the due date for the accounting period that is in default. The surcharge rate increases every tim...
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How do you calculate top slicing on an investment bond?
Deduct basic rate tax treated as paid* on the annual equivalent and multiply the result by N. This gives the individual’s relieved liability. Step 5: Dedu...
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What is an informal settlement in law?
What is an Informal Settlement? An informal settlement usually happens early on in a court case. An informal settlement commonly occurs out of court. For ...
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Can I reclaim VAT on paying 45p mileage allowance?
HMRC say that the 45p per mile (or 25p) that you can claim for using your own car, not only covers petrol but it also covers wear and tear and other runn...
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What is the work of house wife?
A housewife (also known as a homemaker) is a woman whose work is running or managing her family’s home—caring for her children; buying, cooking, and stori...
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Do I have to pay tax on my PPI compensation?
If the total interest earned from savings and PPI statutory interest is less than your personal savings allowance, you are due all PPI tax paid back. If t...
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How much is the State Pension for a married couple UK 2020?
The full rate of the new State Pension will be £179.60 per week (in 2020/21) but what you will get could be more or less, depending on your National Insur...
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Can you be rehired after taking voluntary redundancy?
No, there is no restriction on an employer re-employing an employee who has taken voluntary redundancy. The employer should be cautious if there is no bre...
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What happens if I forget to register as self employed?
If you do not register by the relevant dates you may have to pay a penalty. See our penalties page for more information. You may also have to pay interest...
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Is foreign life insurance payout taxable?
Income generated from a Foreign Life Insurance Policy is taxable in the U.S., and the value of the policy reported to the IRS. If the policy has a surrend...
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Are livery stables VAT exempt?
Broadly, the VAT position for those providing stabling, grazing or livery is as follows: The letting of a stable alone is exempt from VAT, subject to the ...
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Do I have to wait 2 years to buy freehold?
You need to have been the registered owner of the house for two years. In most circumstances it does not matter whether you live there. Buying the freehol...
