7 February 2016 - VAT Return quarter ended 31 December 2015 Filing and Payment Deadline

7 February 2016 - VAT Return quarter ended 31 December 2015 Filing and Payment Deadline

The tax calendar deadlines are never ending. In fact today's date is another important business tax deadline: VAT.

VAT stands for Value Added Tax and it is charged on items such as business sales of goods and services, commissions, sale of business assets.

You do not have to register for VAT unless your business income level hits the VAT threshold. The threshold is set by HMRC and the current level is £81,000 (2015).

Once your business income level rises above the threshold in the previous 12 rolling months, you must register for VAT. If your business income level is expected to rise above the threshold in the following 30 days, you must also register for VAT.

Registering for VAT with the HMRC offers many benefits to some businesses. Some are as follows:

1- VAT Registered businesses have more credibility than non-VAT registered businesses from the customers point of view.

2- VAT Registered businesses are able to claim the VAT on purchases that they have paid to their suppliers or on expenses they have paid for the business.

3-VAT Registered businesses that do business in the EU may be required to have a VAT Number.

In UK, there are 3 different rates of VAT, and there are many conditions that determine the rates. The most common rate is Standard Rate (20%), and there are also the Reduced Rate (5%) and Zero Rate (0%). The rate is set by the HMRC.

If your business is VAT Registered, you must declare the amount of VAT you have charged your customers and the amount of VAT you have paid for business-related goods and services.

The declaration of the figures is done through your VAT Return. 

This brings us back to the 7 February 2016 VAT deadline!

This deadline applies to the VAT period from 1 October 2015 to 31 December 2015. You must therefore declare the amount of VAT charged and VAT claimed on goods and services that arose during that 3 months period.

If you do have VAT to pay the HMRC, the amount must be paid by tonight, otherwise there will be interests accruing on the tax liability.

For further information, please contact us on 00 44 758 462 3239 or send an email to melanie.lck@gmail.com. Sign Up to receive Free Tips and checklists.

How to get Tax Refunds if you are employed and pay PAYE but did not file Self Assessment UK Tax Return 2015

How to get Tax Refunds if you are employed and pay PAYE but did not file Self Assessment UK Tax Return 2015

If you are employed and you have your Tax deducted by PAYE, you probably do not need to complete and file a Tax Return every year. 

However you may have paid too much Tax!

There are some expenses that enable you to get Tax Relief and if you do not complete and file a Tax Return, you may not have claimed the Tax Relief. If you have never claimed it before, there is likelihood that you have not had the Tax Relief at all. 

It is possible to get the Tax Refund you are due from HMRC, by completing and filing a Tax Return.

Below, I will list some of the expenses that will enable you to claim your Tax Relief.

1- Business Mileage
If you own your own vehicle and use it on business travels, and your employer reimburses you at less than the approved amount of 45p per mile for business mileage, you may get Tax Relief on the difference in mileage costs. If your employer does not provide you with any mileage allowance, you may get Tax Relief on the full approved amount of Mileage Allowance Relief.
If you use a company car on business travels, and your employer does not provide you with fuel allowance, and you personally pay for fuel costs, you may get Tax Relief on the fuel costs.

2- Uniform or Protective Clothing
If you work in an environment where wearing a uniform or protective clothing is an essential aspect of performing your work, and your employer does not provide you with any clothing allowances, and you pay for your own laundry expenses and other cleaning and repairing costs, you may get Tax Relief. The amount that you can get Tax Relief on has been set by the HMRC. The occupations and work environment that are relevant are also set by the HMRC.

3- Professional Subscriptions
If you are a member of a professional association, society and institution, and you pay for your own subscriptions, you may get Tax Relief on professional subscriptions costs. The associations, societies and institutions that are approved, are set by the HMRC.

4- Travel Expenses
If you have to travel on business trips for your work, and you personally pay for your food and drink, travel costs, overnight stay expenses, and other business related administrative expenses, you may get Tax Relief on these costs.

5- Pension Contributions
If you are paying your own Pension Contributions, and you are also a higher rate tax payer, you may get basic rate Tax Relief on the personal pension contributions. The level of income for higher rate tax payer is set by the HMRC.

6- Charity Donations
If you are paying some contributions to a charity and you can obtain an official documentation for your Charity Donations, and you are also a higher rate tax payer, you may get basic rate Tax Relief on the charity donations contributions. The level of income for higher rate tax payer is set by the HMRC.

The list is not exhaustive and there are certain rules and regulations applicable to most of these Expenses, so that they can enable you to get Tax Relief and Tax Refunds.

If you want to get Tax Relief and complete Tax Return 2015, you will need the documents that relate to the fiscal year from 6 April 2014 to 5 April 2015.

For further information, please contact us on 00 44 758 462 3239 or send an email to melanie.lck@gmail.com. Sign Up to receive Free Tips and checklists!

How to reduce Tax by claiming Business Expenses as Sole Trader or Partnership - Self Assessment UK Tax Return 2015

How to reduce Tax by claiming Business Expenses as Sole Trader or Partnership - Self Assessment UK Tax Return 2015

You have probably sorted most of your documents to enable you to complete your Tax Return 2015 before the 31 January 2016 deadline, but you still have questions as to what expenses and costs to claim as Business Expenses.

The common Business Expenses that Sole Traders and Partnerships can claim are as follows:

Computer Equipment
Website Hosting Costs
Internet Costs
Telephone Bills
Mobile Phone Costs

Office Furniture
Printing Costs
Stationery Costs

Office Electricity Bills
Office Heating Bills
Office Water Bills

Office Premises Rental
Insurance for Business

Train Tickets
Business Flights
Hotels Accommodation
Business Meals
Business Mileage
Parking Fees
Toll Charges

Advertising and Marketing Costs
Annual Entertainment for employees

Protective Clothing
Uniform Clothing
Costume Clothing

Training Costs
Professional Subscriptions
Legal and Professional Fees
Accountancy Fees

Bank Interest and Bank Charges
Credit Card Charges

The list is not exhaustive and there are certain rules and regulations applicable to most of these Expenses, so that they can qualify as Business Expenses.

If you require further information, please contact us on 00 44 758 462 3239 or send an email to melanie.lck@gmail.com. Please also Sign Up for Free Tips and Checklists!

How to Organise your Documents for your Self-Assessment UK Tax Return 2015

French Version:

31 Janvier 2016 - Self Assessment UK Tax Return 2015 - Documents

La date limite de declaration de votre Tax Return 2015 est le 31 Janvier 2016. Savez-vous quels documents vous avez besoin pour completer votre Tax Return? Les plus communs sont les suivants:

Salaires et impots - P60 ou P45 (plus dernier fiche de paie)
Avantages en nature - P11D
Occupational Pension - P60 et Certificat de Pension
State Pension - Pensions recettes et Lettre de Notification 2014/2015
Self-Employment - Chiffre d'affaires, Depenses et Resultat
Partnership - Chiffre d'affaires, Depenses et Resultat
Investment revenues - Certificat d'Interets bancaires, Dividendes Vouchers, Recettes de logement
Autres revenues - Child Benefits, Certificat d'assurance vie
Contributions pension - details des paiements
Gift aid charity contributions - details des paiements
Mortgage interets - Mortgage statement

Si vous avez d'autres sources de revenues, vous aurez besoin de documents pour l'annee fiscale de 6 Avril 2014 au 5 Avril 2015.

Pour tout autre information, n'hesitez pas a nous contacter sur 00 44 758 462 3239 ou envoyez un email a melanie.lck@gmail.com. Sign up pour recevoir gratuitement des Tips et checklists!


English Version :

31 January 2016 - Self Assessment UK Tax Return 2015 - Documents

The deadline for submission of your Tax Return 2015 is 31 January 2016. Do you know what documents you require to complete your Tax Return? The most common ones are as follows:

Employment Income and Tax - P60 or P45 (plus last payslip)
Employer Benefits - P11D
Occupational Pension - P60 and Pension Certificate
State Pension - Pensions received and Notification Letter 2014/2015
Self-Employment - Business Income, Expenses and Profits
Partnership - Business Income, Expenses and Profits
Investment Income - Certificate of Bank Interests, Dividends Vouchers, Rental Income
Other Income - Child Benefits, Certificate of Life Assurance
Pensions Contributions - Details of Payments made
Gift Aid Charity Contributions - Details of Payments made
Mortgage Interests - Mortgage Statement

If you have other sources of revenue, you will need the documents that relate to the fiscal year from 6 April 2014 to 5 April 2015.

For further information, please contact us on 00 44 758 462 3239 or send an email to melanie.lck@gmail.com. Sign Up to receive Free Tips and checklists!

31 Janvier 2016 - Self Assessment UK Tax Return Deadline (French and English Version)

31 Janvier 2016 - Self Assessment UK Tax Return 2015 Deadline 

French Version: (Merci de vous enregistrer pour votre Tips et Checklists gratuits)

La date limite de declaration de votre Tax Return 2015 s'approche. C'est bientot le 31 Janvier 2016. Etes-vous prets?

Le Self-Assessment Tax Return s'applique a votre situation si vous ne payez pas d'impots deductible a la source PAYE et vous gerez une entreprise et recevez des revenues au Royaume-Unis. Vous devez aussi declarer vos sources de revenues tels que des Interets, Dividendes, Recettes de logements entre autres.

Si vous gerez une entreprise, les benefices de l'entreprise sont taxables et devront être declarees sur votre Tax Return 2015.

Les dossiers que vous devez maintenir sont les documents comptables tels que les Releves Bancaires, les factures de vente, les factures d'achats et depenses ainsi qu'un tableau Excel recapitulatif des transactions bancaires. Un Excel de la liste des factures est aussi utile.

Si vous avez d'autres sources de revenues, il vous faudra les documents qui concernent l'annee fiscale de 6 Avril 2014 au 5 Avril 2015.

Les documents necessaires sont les fiches de paie, le P60, le P11D, les Certificats d'interets bancaires,  les Dividends Vouchers, les Recettes de logements, et autres sources de revenues.

Les Impots sont calcules bases sur les sources de revenues au Royaume-Unis et d'ailleurs. Le paiement des Impots est dans la plupart des cas, fait en deux parties, le 31 Juillet et le 31 Janvier, et une troisieme 'balancing payment' le 31 Janvier. 

La declaration de votre Tax Return 2015 sera faite en ligne et la date limite est le 31 Janvier 2016.

Tout retard de declaration des Tax Returns va generer des penalites de retard aupres des services Impots le HMRC.

Afin d'eviter de penalites, il vous faudra declarer votre Tax Return 2015 avant les delais et vous devez etre certain que votre enregistrement en ligne sur le site HMRC est fait. Vous aurez besoin de votre Unique Tax Reference (UTR) qui se trouve sur la forme SA100 de votre Tax Return 2015 et vous aurez besoin de votre National Insurance Number ou Postcode. 

L'enregistrement en ligne sur le site HMRC pourra prendre jusqu'a une semaine. 

Il ne vous reste donc pas beaucoup de temps car le 31 Janvier 2016 est tres proche. 

Pour tout autre information, n'hesitez pas a nous contacter sur 00 44 758 462 3239 ou envoyez un email a melanie.lck@gmail.com


English Version : (Please Sign Up for Your Free Tips and Checklists)

31 January 2016 - Self Assessment Tax Return 2015 Deadline

The deadline for submission of your Tax Return 2015 is imminent. It is almost 31 January 2016. Are you ready?

The Self-Assessment system is applicable to you if you do not pay Tax at source under PAYE scheme  and you own and manage a business and receive income in the UK. You also have to declare other sources of revenues such as Interests, Dividends, Rental Income.

If you own and manage a business, the profits of the business are taxable and must be declared on your Tax Return 2015.

The records that you are required to keep are the accounting documents such as Bank Statements, Sales Invoices, Purchases Invoices and Expenses Receipts, as well as an Excel spreadsheet of bank transactions. An Excel spreadsheet of the list of Invoices is also helpful.

If you have other sources of revenue, you will need the documents that relate to the fiscal year from 6 April 2014 to 5 April 2015.

The relevant documents are your payslips, your P60, your P11D, Bank Interests Certificates, Dividends Vouchers, Rental Income receipts amongst others.

The basis of your tax liability is the revenue income within the UK and abroad. The payment of tax liability is usually made in two instalments on the 31 July and the 31 January, with a third 'balancing payment' made on the 31 January.

Submission of your Tax Return 2015 will be made online and the deadline is the 31 January 2016.

Late Filing of the Tax Returns incur late filing penalties imposed by the tax office HMRC.

In order to avoid late filing penalties, submission of your Tax Return 2015 has to be made before the deadline and you have to be sure that your registration online with HMRC is set up. You would need your Unique Tax Reference (UTR) which is located on the form SA100 of your Tax Return 2015 and you would need your National Insurance Number or Postcode. 

Registration online with HMRC can take up to one week.

You do not have a lot of time left as 31 January 2016 is just round the corner. 

For further information, please contact us on 00 44 758 462 3239 or send an email to melanie.lck@gmail.com

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