An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged,…
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What happens if you can’t pay your tax on time
Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the…
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Tax due next month
Are you self-employed? If you are, you may need to make your second payment on account for 2016-17, due date for payment is 31 July 2017. This second payment on account will have been based on 50% of your combined Self Assessment tax and Class 4 NIC liability for 2015-16. Which raises an interesting question.…
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Are you missing out on a �662 tax rebate
Apparently, over 4 million tax payers are eligible to claim the new marriage allowance, but only 2 million have done so. If our math is correct, this add up to £1.3bn in unclaimed tax refunds. The allowance has been available since 6 April 2015 and is worth £212 for 2015-16, £220 for 2016-17 and £230…
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