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What is a P50 form?

A person may cease to work due to a number of reasons and circumstances. It may include retirement, redundancy by employer, return to education, cessation of a contract term or being unemployed. For purposes of tax, HMRC counts from 6th…

WHAT IS CAPITAL GAINS TAX GIFT HOLD OVER RELIEF?

If you transfer business assets or in some cases shares to the buyer at less than present value to help him/her, you can claim Gift Holdover Relief. Essentially Gift Hold Over Relief means you do not have to pay capital…

CASH ACCOUNTING VS TRADITIONAL ACCOUNTING

For a self employed or a partnership, there are two options available on how to calculate profits; Cash Accounting or Traditional Accounting (Accrual based). Cash Accounting will record the transaction as and when cash is paid or received. In contrast,…

THE USE OF CRM IN WAKE OF GENERAL DATA PROTECTION REGULATION

What is GDPR? The General Data Protection Regulation  (GDPR) is a legal framework that outlines the principles of data management and rights of individuals whose personal data has been collected. It will supersede the older Data Protection Act of 1990s….

VAT1 FORM- registering for VAT correctly

Whether you are registering for VAT because you have reached the annual VAT threshold or you are doing it voluntarily, you must fill out VAT1 form. You can choose between submitting it online or downloading a copy, filling it and…

DO I NEED TO CHARGE VAT OR FILE VAT RETURNS AS A SOLE TRADER?

The most common question that sole traders ask is that do I need to charge VAT or register for VAT with HMRC. The answer depends in how much money do you make. If your annual turnover exceeds £85,000, you are…

Ask an Accountant a Question for Free

We are pleased to announce our ask an accountant for free service. Certax Fitzrovia Ltd is part of one of the most reliable accountancy chains in UK. Our team comprises of experienced accounting professionals who deliver quality accounting solutions and…

THE WILLS PROBATE AND INHERITANCE LAW

In case of death of a person, his/her possessions and assets are passed on to family or friends or in some cases charities or trust. However, UK law has designated procedure for transfer of properties and assets, and taxes any…

What Changes The New Budget Brings To Tax Brackets 2018/19

The new budget is being welcomed by millions of tax payers across UK. It introduces a higher tax free limit and a higher rate tax brackets 2018/19. Compared to the 2017/18 personal allowance of £11,500, this year’s budget announces a…

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