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Have you checked your tax code?
Posted by Joy & Co Chartered Certified
Accountants on 19th March 2015
Since January HMRC have been issuing 2015-16 PAYE codes (also known as tax codes) to employees and those receiving private pensions.
Tax codes are used to tell employers how much tax should be deducted from your salary or pension before it finally hits your bank account.
It’s therefore vitally important that you check your tax code as soon as you get it to ensure that you’ll be paying the correct amount of tax.
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full posting >
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Do I have to report rental income if the property’s making a loss?
Posted by Joy & Co Chartered Certified
Accountants on 15th November 2013
 It seems that every year I pick up a new client who is in receipt of rental income that they’ve never reported to HMRC and now feel the need to set the record straight. Without exception their reason has been that the property wasn’t making any money so they didn’t think they had to report it.
So my aim here is to let you know why it’s a good idea, or indeed why you may have to report rental income even if you’re renting property at a loss.
If you are in receipt of gross rents of £10,000 a year or net rent of £2,500 then you must complete a self-assessment return to report this taxable income to our old friends HMRC. Gross rents means rental income before deducting allowable expenses. Net rents are after deducting allowable expenses.
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Landlords. Get what’s coming to you…
Posted by Joy & Co Chartered Certified
Accountants on 28th October 2013
 As tax season is upon us the aim of this guide is to provide is to provide residential landlords with a prompt to ensure that you claim all that you’re entitled to when completing your tax return.
The logic is simple, the more expenses you claim, the lower your profit. The lower your profit, the lower your tax bill
Whether you’re renting your humble one bedroomed flat or have a portfolio of properties the principle is the same. So landlords, read this and be sure to get what’s coming to you.
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Self assessment
and the self employed
Posted by Joy & Co Chartered Certified
Accountants on 19th October 2013
 If you started a business between 6 April 2012 and 5 April 2013 then you will have to file a self assessment return by 31 January 2014. From beginning to end the process can be broken down into the following steps:
1. Get your UTR
2. Get an online account with HMRC
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‘Tis the season for giving and I’ve had a couple of calls asking about the tax implications of giving gifts to favourite customers. I therefore thought it would be useful to outline the rules for giving business gifts.
We
often get clients turning up in a panic asking for
help because their annual accounts are due in a matter
of days. When they produce the letter from Companies
House it turns out that it’s actually the annual
return that’s due and not the accounts. It’s
important therefore to realise the difference between
the annual return and the annual accounts.
For
many people running their own business has been a
long held ambition. With the recent economic
downturn this dream has become a reality with redundancies
prompting many to set up on their own.