Submitting Your Self-Assessment Fast This Christmas

Christmas is a popular time for submitting Self-Assessments to HMRC ahead of the 31 January deadline.

Last year, 16,000 people submitted their tax return online between 24 and 26 December. This included more than 2,500 submissions on Christmas Day and almost 7,700 the day after on Boxing Day.

More than 17,000 people also submitted their Self-Assessments on the New Year’s Day bank holiday.

Alien encounters and other bad excuses for late tax returns

With less than a week to go before the self-assessment deadline, HMRC has revealed some of the worst excuses taxpayers have offered after failing to complete their returns on time.
Topping the list was the unlikely claim that “I couldn’t file my return on time as my wife has been seeing aliens and won’t let me enter the house”.

Five steps to get your side business set up for tax

In today’s economy, many people choose to supplement their full or part-time income by setting up a small business on the side.
It might be using a particular skill to complete some ‘on the side’ freelance work, or attempting to earn money from a hobby like crocheting or knitting.
For many, the ‘side hustle’ is just a way of earning some extra cash, but others treat it like a passion project that they would like to see growing to replace their full-time job.

lady in a field lifting her arms in joy as she has no more debts to worry about

Cloud Accountant (who are part of umbrella.co.uk – Umbrella Accountants LLP) have added a Corporate Rescue and Personal Debt Solutions arm to their current business.

Personal Debt Problems

If you are struggling managing repayments on a number of debts , live in England or Wales and have insufficient assets to repay your debts in full then an Individual Voluntary Arrangement (IVA) could help provide a debt solution.

IVA’s were introduced to help people with significant debt problems who did not want to go down the route of the more stringent process of bankruptcy. Often people are put off by theupfront cost of applying for bankruptcy or the fact that bankruptcies are advertised in your local newspaper.

In simple terms an IVA must be processed by an Insolvency Practitioner (an IP). The IP puts together a summary of your current financial situation to show your creditors that you are currently unable to repay your debts in full. The IP also puts together a proposal showing a compromise and what you can contribute over the next 5 years.

Cloud Accountant are Expanding

Cloud Accountant are delighted to announce that we have made a successful appointment for the position of our own in-house Insolvency Practitioner. The new Corporate Rescue and Personal Insolvency Department will launch 18th April 2016.

Online sellers: Make the most of the new tax year

Now is the perfect time to boost your tax efficiency, get organised and make a fresh start to the new tax year.
Take advantage of our introductory offer throughout May and start building your online business in 2018/19.
While the retail apocalypse continues to plague the British high street, online retailers have never had it so good.
People selling on platforms like eBay, Amazon and Shopify have more opportunities than ever before to generate sales and grow their online businesses.
Whether you are trying to turn your part-time side hustle into a full time job or you want to grow your online shop into a recognise brand, new tools make it easier than ever before.
Before you do anything else, however, it’s critical you get the financial side of things sorted.

6 tips for avoiding an HMRC investigation

HMRC investigations are scary affairs. Sure, some might say, if you have nothing to hide then you shouldn’t be worried. But there is always the chance that you made an innocent, but costly mistake in the last six years of filing your taxes.
And besides, tax investigations can be time-consuming and expensive, especially if you employ an accountant to straighten out all of your affairs.

CloudAccountant.co.uk shortly to be awarded A2X Expert status

Amazon’s financial performance in the quarter ended March 2017 marketplace sellers responsible for 50% of the units sold via the website.

Sales during that period were $35.71 billion, so that’s a lot of money being made through Amazon’s marketplace.

If you want to get in on some of the Amazon reseller action Amazon have some handy guides that you can have a look at and see if it is something you fancy.

Cloud Accountant Tax Reclaim Service

Cloud Accountant (a part of Umbrella.co.uk) now offer a tax reclaim service through their website.
Many people do not know they can claim tax relief in respect of cleaning your own uniforms or protective clothing, some union and professional subscription fees and tools or equipment you have bought personally to enable you to do your job.

Dividend Tax Planning

A new Dividend Tax is coming in from April 2016 so now is the time to effectively plan whether maximising proposed dividends in March could save you money.
Tax Credits are being abolished and a new effective rate of 7.5% will be payable on all dividends over £5,000. Currently basic rate tax payers pay zero effective rate tax on dividends.
Higher rate tax payers will see the effective rate rise from 25% to 32.5% and additional rate tax payers from 30.6% to 38.1%.

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