Accounting and Tax Guides

At Suretax we provide you with much more than a set of books at year end. We provide a range of services to cover even the toughest of challenges your company might face, from auditing, business planning and growth support, forecasts, forensic accounting and much more. Your adviser will learn your company inside and out to provide you with support and advice to help you succeed and grow.

General Tax Guides Construction Industry Gov.uk Gateway Making Tax Digital

General Tax Guides

Childcare and Tax

Childcare assistance is available in a variety of forms. You could be eligible for tax relief on your salary, or certain benefit payments to cover your expenses

Late self-assessment tax penalties

You run the risk of incurring a fine if you miss your deadline for HMRC to receive your Self-Assessment tax return. If you are posting a paper return, they...

What are the UK tax deadlines for 2021-2022?

Whether you are employed and paying tax via the PAYE system, a small business using PAYE for your employees, or self-employed, you will be aware that HMRC’s...

Mortgage interest tax relief changes explained

Until recently, many people invested in buy to let properties because a buy to let mortgage gave them good profit margins and a major tax advantage...

I don't need to complete a self-assessment tax return

As a self-employed worker you would have been required to submit a self-assessment tax return each year, so if you have decided not to carry on being...

How do I pay my tax bill

Be aware of the deadlines. You need to ensure you make your payments by the due date. Otherwise, you risk incurring a fine as well as interest on the unpaid...

How does self-employed payment on account work?

When you become self-employed, the way you pay your tax can be confusing at first: Terms such as ‘payment on account’ and ‘balancing payments’ need to be...

What taxes are payable on gifted property?

For most people, the home we live in is our most valuable asset. It is important to ensure our loved ones can gain the maximum benefit from it after we die...

Paying rental income tax on jointly owned property

If you are a joint owner of a property with someone who isn’t your spouse or civil partner, the rental income you receive will be taxed based on the agreed...

UK Tax Rates

You will be taxed at various rates depending on how much you earn. The following official rates are in operation in the UK for the tax year 2019/20...

Your Unique Tax Reference (UTR)

In order to file a self assessment you will need to obtain a UTR. You will get this when you register online for self assessment and it consists of a ten...

Self-Assessment Tax Return – Things to remember

Things to remember for your Self-assessment Tax Return. Don’t miss the deadline! The standard deadline is the 31st January following the tax year just...

Do I need to file a Self-assessment Tax Return

Find out if you need to file a Self-assessment Tax Return. Most people who are employed are taxed at source through PAYE, but there are circumstances...

Tax Codes - Explained

The tax code that is given to you by HMRC is use to calculate how much tax you need to pay.It is made up of a number which identifies how much income...

What is the Personal Tax Allowance?

All UK taxpayers are entitled to the personal allowance and it is currently £12,500. Basically, you don’t pay tax on the first £12,500 you earn – simple as...

Tax allowances – what am I entitled to before I pay tax?

Various tax-free allowances exist to help ease the burden of paying taxes. Although some are applied by HMRC automatically, many of them are required to be...

Will I get a Tax Rebate?

If you are due a tax rebate it means you have paid more tax than you should have. With our help, HMRC will pay this money back. Sometimes HMRC will contact...

Construction Industry Scheme (CIS)

CIS Worked Example

To illustrate how the construction industry operates a worked example follows:Bob works as a subcontractor on a building site run by ABC Ltd, and earns...

Registering for CIS

You will need to take the following steps to register for CIS. You’ll need to have registered for HMRC online services, and enrolled for self employment. You...

Expenses you can claim for under CIS

When you are registered for CIS you are able to claim for a variety of expenses, which will reduce your taxable income and subsequently how much tax you have...

The Construction Industry Scheme

Under the Construction Industry Scheme (CIS), contractors deduct money from a subcontractor’s payments and pass it to HM Revenue and Customs (HMRC)...

Government Gateway

How do I recover my government gateway user ID

HMRC have a special section on their website for anyone who has lost or forgotten their User ID. This link will take you to the appropriate page. You can...

Setting up a HMRC personal tax account

If you still have it, you can use your existing Government Gateway ID. If not, you will need to be able to prove your identity to create an account. Just log...

Resetting your HMRC tax account password

Forgotten or lost your password? It can be reset using this section on HMRC’S website. Click on the ‘reset your password’ link, and you will be asked to...

How to find my government gateway user ID

Most people use their Gateway ID to deal with their tax affairs online. When you first set up your account with the Government Gateway, your user ID would...

The government gateway explained

Up until March 2019, the Government Gateway (www.gateway.gov.uk) was the name of the website where you could log on, create an account and register for...

Setting up a personal tax account

If you still have it, you can use your existing Government Gateway ID. If not, you will need to be able to prove your identity to create an account. Just log...

Resetting your personal tax account password

Lost or forgotten passwords can be reset using this section on HMRC’S website. Click on the ‘reset your password’ link and you will be asked to enter the...

Making Tax Digital (MTD)

Which businesses are exempt from Making Tax Digital

When HMRC’s Making Tax Digital initiative is achieved over the coming few years, it will have been a major change in the UK tax system and reporting...

Preparing your business for Making Tax Digital

This Government initiative came into effect from April 2019, which means that all businesses with a VAT-able turnover above £85,000 should now be complying...

Making Tax Digital overview and timeline

‘Making Tax Digital’ or MTD, is an important part of HMRC’s plans to make it much easier for businesses and individuals to pay the correct amount of tax and...

Making Tax Digital guide for sole traders and landlords

Under the new MTD system, you will no longer be required to send in the usual annual Self-Assessment tax return. Instead, you will need to submit quarterly...

Benefits of the new Making Tax Digital system

HMRC’s ultimate goal for Making Tax Digital is to create a much more efficient, less expensive method of tax collection, which is as easy as possible for...

"The financial success of every business is dependent upon an effective and insightful understanding of their current standing."

— Julie Cameron, Managing Director of Suretax

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