Tax Tips

Auto-Enrolment

Question.   I have recently started a new business and have employed 1 staff member. What are my obligations in relation to PAYE & work place pensions?   Answer.   When starting a new business and taking on a member of staff then as well as setting up a PAYE scheme you will also need to assess them to see if they are eligible to be put into a workplace pension ...

Non Resident Landlord

Question.   I am a non UK resident individual but I own property in the UK and receive Rental income from this property. I was looking some advice to see if I am required to report this income in the UK and if so how do I do this?   Answer.   Any letting agency that manages a property or the tenant that occupies a property belonging to a non-resident landlord ...

Business Expenses

Question.   I run a small self-employment business from my own home and I use my car for some business use. Can I claim tax relief on any of my utility bills and mileage expenses?   Answer.   As you use your home and car for business use, the business element of these expenses can be claimed as a business expense. To claim these expenses adequate records must be kept in ...

Reminder to File Tax Return

Question.   I have received a reminder from HM Revenue & Customs to file my 2016/17 tax return. However I always file mine online in January. Why do they want it submitted earlier?   Answer. The tax return filing deadline for manual tax returns is fast approaching on 31 October 2017, but don’t worry there is an extended deadline for online submissions of 31 January 2018. However these are the ...

Rent a Room Scheme

Question.   I’ve been thinking of taking in a lodger to help with my mortgage. Will I have to pay any tax on rental income received?   Answer.   Rental income is taxable, however renting out a room to a lodger may qualify for ‘Rent a Room’ relief. The Rent a Room scheme is open to owner occupiers or tenants who let out furnished accommodation to a lodger in their ...

Working in the Republic of Ireland

Question   I live in Newry where up until recently I have also been employed. I have been offered a post in Dundalk, where I intend to commute to work. Which tax authorities do I need to notify?   Answer.   Firstly, you will need to apply for a PPS number before you can work in the Republic of Ireland. To get a PPS Number, you will need to visit your ...

Auto-Enrolment

Question.   I became an employer in 2017 and currently employ 8 staff. Can you confirm what my obligations are in relation to work place pensions?   Answer.   The government’s Auto Enrolment scheme is being phased in for all employers. Every worker who meets the eligibility criteria must be enrolled into a workplace pension if they are aged 22 or over, are under State Pension age, earn more than £10,000.00 ...

New Rules on UK inheritance

Question.   I was told that under new rules there would be no UK inheritance tax due on my home when I die. Is this correct?   Answer.   It would be wrong to say that there will be no inheritance tax levied on the value of your house because that depends on the total value of all of your assets, including the house, when you die. However, you are ...

Country Money – Travel and Subsistence Allowance

Question.   I operate part of my NI construction business in in the Republic of Ireland where I employ and process southern payroll. As my employees need to travel to different construction sites, can I reimbursed their travel costs in any tax efficient manner? Answer.   An employer can pay tax-free mileage and subsistence in accordance with Civil Servants Rates published by the Revenue Commissioners to fixed based employees ...

PAYE Coding Notice

Question.   I have just started to work and have received a 2017/18 PAYE Coding notice from HM Revenue and Customs. What is this and what should I do with it?   Answer.   HM Revenue & Customs (“HMRC”) will issue a PAYE coding notice to an individual’s employer. The coding notice advises the employer of how much tax to take off the employee’s income.   The coding notice will start ...

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