UK accounts and tax

HMRC Scams 💀 HMRC never use social media or whatsapp to offer tax rebates Or asking for financial or personal information If you get a call 📞 asking to press any number say 1 to make a payment for the lawsuit HMRC is filling against you HMRC sends text messages but never ask for personal or financial information HMRC never send emails 📧 for tax refunds or rebates. If the email contains any link then dont click on it. It may direct you to the form asking for personal and financial information To report any suspicious activity you can report phishing@hmrc.gov.uk. More details are available here about how scams and how to deal with them

Passing papers will not give you a good job you have to ask many questions to yourself  - Whats your IQ and EQ? Are you mature enough to deal with problems in your life? When you will be in practical life you have to handle both work and personal life pressure. And if you are doing job during studies then you have to handle this as well. - What type of job you want? What type of expertise you have developed from ACCA? - When you are doing ACCA you should know that you can be tax accountant, auditor, business development consultant, banker or businessman. Select what you want to be and then research how to reach at your desired level. When you have answers to all these questions then you better know how many papers you need to pass and which skills you need to get ready for the job.

General rule is if  the employee has spent or is likely to spend more than 40% of their working time at a workplace for a period which lasts or is likely to last more than 24 months then place will be his permanent workplace. In the construction industry workers will be moved from site to site on a regular basis by their employers. Under the circumstances, where the employee’s attendance at the site is not expected to last longer than 24 months it will be considered a temporary workplace and tax relief will be available to the employee for the cost of travel and subsistence incurred in travelling to that site. There is another case when an employee is initially expected to work for a period of less than 24 months but later employer needs to extend the period to longer than 24 months, it will be a temporary workplace up until the date that the period is extended, after which it will be a permanent workplace. HMRC has given an example for the above mention situation: Susa...

It is very important to register for Corporation tax in the first year of trade if you start trading after your company setup date because this will decide how many tax returns you need to submit if your first year of accounting is more than one year. HMRC has given two clear example to explain the issue.   Example 1 (If registered for Corporation tax service before accounting reference date) Company set up date is 11 May 2014, started trading at 22 July 2014 , register for Corporation Tax 26 August 2014 and accounting reference date is 31 May 2015. In this case only 1 tax return covering period 22/07/2014 to 31/05/2015 need to be submitted plus year end accounts from 11/05/2014 to 31/05/2015. Example 2 (If registered for Corporation tax service after accounting reference date) Company set up date is 11 May 2014, started trading at 22 July 2014 and accounting reference date is 31 May 2015. In this case only 2 tax return covering period 11/05/2014 to 21/07/2014 ...

To claim Vat on new home construction it must: be separate and self-contained be for you or your family to live or holiday in not be for any business purpose, exception is you can use one room as a work from home office. Builders working on new buildings should be zero-rated anyway and you won’t pay any VAT on their services. Form 431NB to claim a VAT refund on a new build, or 431C to claim for a conversion will have all the details on which materials vat can be reclaimed. The owner mus apply for refund within 3 months of work completion to HMRC.