News

Digitization of tax for self-assessment of income tax

Making Tax Digital (MTD) visually on the horizon for the Income Tax Self Assessment (ITSA) period. On the 6thM April 2023, all unorganized businesses and self-employed persons earning more than £ 10,000 will have to register for MTD for ITSA.

HMRC has not yet released the final regulations, they are expected this October. So what do we know now, what is left to decide and how should you prepare?

MTD for ITSA: What we know now

From the current regulations of HMCR, we know something about what can be expected from MTD for ITSA.

  • It doesn’t matter if your accounting period ends in 6M April 2023, all unorganized businesses must register.
  • Turnover threshold is ট্যাক 10,000 in that tax year. You may have different income streams that are individually less than this, but if their combined total is more than £ 10,000 then you are in MTD for ITSA.

For example, আয় 8,000 rental income and £ 4,000 earnings from trading Both are below £ 10,000, but above the total 12,000 turnover threshold.

  • You will report revenue and expenditure to HMRC quarterly. At the moment this deadline is 5M August, 5M November, 5M February and 5M May for all.
  • Registration will be suspended for certain types of partnerships: limited partnerships, LLPs and partnerships that have a corporate partner.
  • Possible discounts for: Non-resident companies, estates of deceased, trustees and trustees of registered pension schemes. There are also potential discounts for ‘digitally excluded’ people. But it has a strict definition which means you have absolutely no internet access. It does not account for the speed or quality of your connection.
  • You will not receive a penalty notice for late filing unless you are late in submitting your four quarterly submissions.
  • Your tax bill payment date is still the same – 31St. January, after the end of the tax year.
  • You do not even have to submit a self assessment tax return.
  • You must complete an End of Period Statement (EOPS) and write a final statement to file within the same 31st date.St. HMRC uses the following documents to calculate your tax bill.
  • The business needs to keep a digital record.

Will it still be finalized by HMRC?

Indeed, the whole policy has not yet been fully finalized. But there are key elements to which everyone will be interested to know the answers, such as:

  • It is possible that the idea of ​​having a set of reporting deadlines – including the April registration date for all businesses – would be considered too irresistible for HMRC management. So there is a possibility that this will change.
  • Will there be penalties for making mistakes during MTD for ITSA filing?
  • How are expenditure categories defined in quarterly reporting forms? It is widely assumed that they will be similar to current self-assessment tax returns, but this has not been confirmed.

What should I do now, to prepare?

You can proceed by participating in HMRC’s pilot scheme and start your transfer to MTD for ITSA now.

If you meet all the criteria, you can sign up your business here.

If you leave it up to your accountant or tax agent, there are separate guidelines for them.

The first thing you need is compatible software If you already use an accountancy app, they can create MTD for ITSA capabilities as you read this. They will be able to tell you when it will be fully ready. You need it to keep a digital record and submit your quarterly report to HMRC.

HMRC publishes its own guidelines entitled ‘Find Software Compatible with Tax Digital Making for Income Tax’. It lists all HMRC approved software that currently maintains all required records and is compatible with HMRC’s filing portal. They will update it as it becomes more available.

Don’t worry you still have time

This is an additional administrative thing to do. But you still have plenty of time before the official 2023 deadline. You don’t have to panic. It is wise to work out the basics, such as which software package you are going to use.

HMRC’s complete making tax digital strategy aims to make tax administration more accurate and easier for us. Of course, there are stages of tooth extraction, where work needs to be done through technology and knowledge issues. But it can also be seen as a useful development for business owners.

No more bad annual bills that you, probably, didn’t expect very much. Regular reporting gives you the opportunity to be clear about how much tax you have to pay on that quarterly income. And put it aside in your business account. You will probably do it informally anyway. It gives you more detailed pictures.

Tony Shanks
Director of Operations
ATT member

News

An important investment quote for this turbulent time

39 year high inflation. Stocks in the correction zone. Russia warns of military action in Ukraine Federal Reserve increases rates. Choose your poison. Financial markets are rapidly opening up and panic and fear are rife on Wall Street.Graph representing stock market crash.  3D illustration

Three years after the S&P 500 gains in the 18-31% area (historically unusual), the stock market is returning to reality. The worst performing stocks in 2022 are already down nearly 90%. Here is a list.

TDH Holdings -89.42%

Astro Aerospace -88.89%

Aligos Therapeutics-76.15%

Good health – 63.41%

Gex Management -63.33%

The technology-heavy NASDAQ Composite Index fell an incredible 13.5% at the end of January – and the month is not over yet. S&P has traded 10% less for 500 years.

The consensus on Wall Street is that stock market losses can get worse before they get better – the overall S&P 500 decline extends to 20%. Are you ready for what lies ahead?

This brings us to an important quote for the time being. As the famous investor Peter Lynch put it: “Know your ownership, and why you own it

One of the essential principles of successful investing is diversity – across unrelated assets. Gold is an unrelated asset in the equity market, a key feature that makes it so valuable to investors looking to diversify their portfolios and protect their assets.

Gold demand has already risen this week amid fears of a military confrontation between Russia and Ukraine. Historically, investors have flocked to gold during geopolitical conflicts because the yellow metal acts as a safe-haven investment and retains its value when other asset classes fall.

With inflation hovering around the 40-year high of 7%, it is easy to see the price of gold. According to State Street Global Advisors, gold has provided an average annual real return of 12.7% over the past 50 years, compared to the average negative return for both US equities and bonds, while the US CPI has exceeded 5%.

Indeed, January 25th The Wall Street Journal The article states: “An asset holding on to market volatility in early 2022: gold. Rising geopolitical tensions in Europe and a slide in major US stock indices have pushed investors toward heaven metal.”

Experts agree. The historic low liquidity is coming to an end. The Federal Reserve is going to bring back some simple monetary policies that have supported the recent rise of the stock market. As the Fed removes the easy money rage and the stock market collapses further in the face of rising inflation, investors who own gold know they will sleep better at night knowing that a portion of their assets will not disappear with the fall in equity prices.

What’s in your portfolio now? And, as the legendary investor Peter Lynch says, do you know why you own it?

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Is the rising cost of materials the ultimate straw for the construction industry?

The price of building materials has increased by 20% compared to last year. Considering all the other difficulties for the industry, will this be the final straw for the government’s ‘Build Back Better’ plan?

Construction industry in a broader economic context

The construction industry accounts for 6% of the UK’s economic output and is valued at 7 117 billion. Construction projects are an important component of our overall economic recovery. Andrew Goodwin, chief UK economist at Oxford Economics, told The Independent: “If people stop building because they know they will face delays, it will start to have a real impact on the wider economy.”

People will not be interested in spending their lockdown savings on a construction that is going to be severely delayed and the overall confidence of the industry will be damaged.

Problems faced by the construction sector?

If you are doing construction work, this all sounds very familiar. The following ingredients are included in this disaster recipe:

  • Lack of qualified manpower
  • Global supply problems
  • Red tape due to leaving the European Union
  • Delay in UK delivery
  • Increase in the price of materials

This combination of problems is hammering into construction projects, especially when it comes to meeting project deadlines. The inevitable impact on materials and transportation costs is disappointingly predictable.

Is the government helping to solve these problems?

In each of these problems there are different levels and different ways in which the government can support the industry. But it hasn’t been forthcoming, so far.

For example, logistical nightmares are a common lack of lorry drivers since partial Brexit. The other component, however, is the hindrance to global shipping, caused by the effects of COVID-19. Despite repeated requests, HGV drivers are not on the government’s list of deficit occupations.

Another example is the lack of skilled construction workers, again due to the UK’s reaction to leaving the EU. The government’s new immigration system is not helping to address this serious lack of skills. Like the UK, many of our European construction partners are self-employed. And, as a professor of economics at King’s College, Jonathan Portes explains: But there is no provision for self-employed. ” So the problem remains.

The biggest losers are small construction companies

About 90% of the construction industry consists of small companies. And they are being hit the hardest by the current problems. Take the most recent increase in material costs as an example. Larger companies can save money by hoarding assets (an option not available to smaller companies).

Since you can’t build without the necessary materials, many of their projects are being hampered, delayed or completely stuck. A recent survey conducted by the Federation of Master Builders shows this level. They found that 98% of small building companies are seeing prices rise and expect this to continue for the rest of the autumn. Businesses rely on the understanding of their clients when their work cannot be done within agreed timeframes. Leads to frustration everywhere.

Larger companies can do better in storm weather, but they are also experiencing the negative effects of all these existing problems at the same time. For example, in their AGM memo, the Berkeley Group states:

“While the sales market has been resilient, the operating environment remains challenging. As reported in the broader market, and in line with our year-end results update, we have experienced inflationary pressures on build costs during this period, mainly through materials, and we have supply chain and We are aware of the ongoing problems in the labor market since Brexit and the epidemic. “

Regardless of the size of your business, any help from the government would be welcome to ease any of these serious issues. During this time, we can help with other things like your CIS tax return and your tool tax rebate. Just drop us an email, or give us a call and we’ll keep track of that direction together.

Tony Shanks
Director of Operations
ATT member

News

Super Bowl Indicator and Stock

Are you planning your Super Bowl now? When the clock is ticking, market historians remind us that Super Bowl winners can give clues. 50 yard line on the football field On how the stock market will work in 2022.

Really?

The Super Bowl Indicator was created in 1978 by Leonard Copet, a sports writer for the New York Times. At first it was a trivial theory, it showed amazing teeth in the last 44 years, a fairly impressive rate of accuracy. What is this rule? Crowded.

The Super Bowl Indicator says the Dow Jones Industrial Average will end the year with a positive return if the National Football Conference (NFC) – or a team of original NFC roots – wins the Super Bowl. Conversely, this indicator warns that the DJIA will record losses at the end of the year if the American Football Conference (AFC) team wins the big game.

Looking back at the history from 1967-2015, the Super Bowl index reveals an accuracy rate of 82%. That, in fact, is better than flipping a coin.

While this may be an interesting statistic, Wall Street experts have explained that there is no real connection between Super Bowl and stock market performance.

A simple rule of thumb: Mutual relations do not equalize.

Sorry to disappoint, but the past performance of the Super Bowl indicator is just a coincidence. In fact, it would be a real coincidence if the stock market ended the year with losses and Cincinnati Bengals took home the trophy on Sunday.

For you, as an investor, it’s a relationship that’s really important. And, in the case of diversity – unrelated resources – such as physical gold – there is a way you can protect your blind side.

Lack of correlation of gold with other assets is one of the strengths of your portfolio. No- or low-relationship means, for example, when the stock crashes, gold usually rises.

For optimal risk-consistent performance, the traditional 60% stock – 40% bond portfolio should be set instead of 60% stock, 5% bond and 35% gold, according to Graniteshare research. Adding gold to the portfolio increases the annual portfolio return.

Last month’s January stock market losses revealed how vulnerable equities are to liquidation.

It may be time to strengthen your defensive package. This is still the first down of the year for your portfolio. There is still time to round out your bench with statistically significant variations – such as increasing your allocation to physical gold.

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Self-assessment late fines waived

HMRC has announced that the late filing and late payment penalties for the 2020-21 tax year, both of which are being waived for a month.

Why remission of the penalty has been introduced?

জরিমানা মওকুফের পিছনে ধারণা হল করদাতাদের এবং তাদের কর এজেন্টদের তাদের ট্যাক্স রিটার্ন সাজানোর জন্য এবং তাদের ট্যাক্স বিল পরিশোধের জন্য অর্থ খুঁজে পেতে কিছু অতিরিক্ত সময় দেওয়া। This is in order to balance the effect of business COVID-19 on another system.

You owe your 2020-21 tax return filing and tax payment deadline is midnight on 31St. January 2022. Eicaemaarasi self-assessment that the 6.5 million people already have on file. But they are expected to total 12.2 million.

Treasury financial secretary, Lucy Fraser said:

“We recognize that omikrana people are under pressure, so we have millions of people manage their tax matters in order to give more breathing space.

HMRC-‘s deputy chief executive, and the second permanent secretary, Angela McDonald said:

“We know that this year due to the impact of -19 kobhida individuals and businesses are facing pressure again. স্ব-মূল্যায়ন করদাতাদের জন্য এক মাসের জন্য জরিমানা মওকুফ করার আমাদের সিদ্ধান্ত তাদের জরিমানা পাওয়ার বিষয়ে চিন্তা না করে তাদের বাধ্যবাধকতা পূরণের জন্য অতিরিক্ত সময় দেবে।”

Detailed self-assessment pardoned

Submit tax returns

If you submit your tax return online by 28 late date for the file will not have to pay a fineM February 2022.

Providing tax bill

Complete your tax bill if you pay by April 1 or HMRC- to set up a time-to-payment system, you will not be fined for late paymentSt. 2022.

St. In February, in addition to your existing tax bill. So you should be paid as soon as possible on behalf of the more financially profitable.

Waive the penalty, after this date, the normal penalty system will start as usual.

This is the time to pay the monthly installments on your self-assessment tax of 12 is a way to pay the bills. If your bill is less than £ 30,000 after filing your tax return, you can set up it online. যদি আপনার বিল £30,000-এর বেশি হয় বা আপনি মনে করেন যে আপনাকে পরিশোধ করতে 12 মাসের বেশি সময় লাগবে, আপনি তখনও একটি সময় পরিশোধের ব্যবস্থা করতে সক্ষম হতে পারেন। But instead of using online services, you can call 0300 200 3822 Helpline will send a self-assessment payments.

Kobhida grants and payments seiss

Just a quick reminder that your self-assessment tax returns, you must COVID-19 aid payments or grants should be included in any of the schemes. They are taxable and include:

  • Job retention schemes coronavirus
  • Self-Employment Income Support Scheme
  • Provide self-isolation
  • Local authorities grant
  • Eating out online

If you are still playing with your tax return, but you have included this amount before submitting to HMRC- confirm it.

Tony Shanks
Director of Operations
ATT member

News

1954 Franklin Half Dollar

The Franklin Half Dollar carries a sense of irony with it. The person it portrayed, Ben Franklin, probably objected to the idea of ​​his profile on a piece of coin. He was accustomed to seeing living monarchy in coins and he certainly did not see himself as a royal figure.1954 Franklin half dollar and vice versa

Moreover, the small image of an eagle on the opposite side made him angry. He saw the eagles as weak idols because they had a tendency to scavenge. For the national bird, Franklin preferred turkey.

The coin was originally conceived in 1947 when Mint director Nellie Taylo requested a design featuring Ross Franklin. Sadly, the designer died the same year leaving the opposite image unfinished. Soon, new chief engraver Gilroy Roberts took over and finally added the little eagle as an unplanned extra development. As it happened, the addition was actually necessary because the Coinage Act of 1873 made it mandatory for the eagle to be included in any coin valued at more than one dime.

In contrast the main image depicts Liberty Bell. This aspect of the design worried some people in the Fine Arts Commission who feared that the cracks could compare to flaws in the entire nation. As a result, the commission rejected the design. Instead of the existing images, the commission suggested organizing a design competition where the submitted works would be reviewed by the people of the commission. This idea has been rejected by the Treasury Department. Finally, Treasury Secretary John W. Snyder approved the design.

The coin’s official release date was set for April 30M, 1948 coincides with the 1789 inauguration of George Washington as President. The coin was made in small quantities at the initial release due to the massive Walking Liberty half-dollar circulation.

Today, the coin is a popular entry point for those who are just starting to collect because the series has only 35 different dates and mintmarks. As a result, it is relatively inexpensive to collect complete sets.

A special part that stands out is the 1955 “Bugs Bunny” minting. The coin acquires this name after a reverse dye and a reverse dye collision, which makes Franklin’s profile look like a deer’s tooth. The error is small and visible only under close inspection.

Over the years, officials have made some minor adjustments to the design. In 1958 and 1959, for example, the number of eagle’s long-tailed feathers was changed.

The coin contains 90% silver and 10% copper. The coin has been deposited to melt in large quantities due to the value of the silver material, which has been cut into many pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces, pieces. The coin was issued by the US Mint in 1963.

The Franklin Half Dollar is a reminder that historical figures are sometimes remembered in a way that is always consistent with the preferences of the respected person. Although collectors have long evaluated coins and designers’ skills, Franklin probably found the whole project to be ironic.

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Are you a festival self-assessment tax return filer?

According to a HMRC press release, 31,271 self-assessment taxpayers filed their tax returns between Christmas Eve and Boxing Day. The deadline for self-assessment is 31st January 2022 with an extension until the end of February 2022 due to covid.

Festival filing statistics

HMRC says: “For thousands of customers, filing their tax returns on December 25 has become part of their Christmas tradition …”. This is a very positive explanation of the fact that thousands of business owners have used their minimum time off to work the necessary administrators during the festive season.

Myrtle Lloyd, HMRC’s Director General of Customer Service, said:

“Filing a tax return will not be on the list for many people to do for Christmas, but please do not leave it until the end of January. Search). “

The festival filing statistics for Christmas 2021 are:

  • Christmas Eve: 19,802 tax returns filed. Maximum at 2,914 between 11.00 and 11.59
  • Christmas Day: 2,828 filed. Highest at 227 between 12.00 and 12.59
  • Boxing Day: 8,641 filed. Highest at 821 between 12.00 and 12.59

These are similar statistics for December 2020:

  • Christmas Eve: 20,200 filed
  • Christmas Day: 2,700 filed
  • Boxing Day: 8,500 filed

Maybe it’s a traditional thing for some people, after all.

Don’t forget the new ‘Time to Pay’ option

HMRC has set up a new system to help self-assess taxpayers who cannot pay their tax bills at once. This is called ‘Time to Payment’ and it is an installment payment plan. This means you can spread your tax bill across 12 small monthly payments.

If you meet the following criteria, you can set it up yourself online:

  • Your 2020 to 2021 tax return has been filed with HMRC
  • Your tax bill is below 30,000
  • You can pay off your tax debt within the next 12 months
  • You are within 60 days of the payment deadline

If you do not meet these criteria, you may still be able to set up an HMRC time-to-pay system, but you should contact the Self-Assessment Payment Helpline (0300 200 3822) directly.

HMRC self-assessment support

HMRC has a wide range of help to guide people through the self-assessment process. It’s worth checking out our layout that suits you best, or give them a ring if you have any questions.

Protect yourself online

Just our usual reminder that you have to think before you click on anything like tax rebates, tax assistance or anything to do with HMRC that came from the blue. Protect yourself from any scams by verifying the authenticity of every message, email or phone call before entering into any discussion. As long as you do not click on a link, or provide any personal or financial information, you will be safe. If you’re not sure, call HMRC and ask them if it’s real.

Tony Shanks
Director of Operations
ATT member

News

The numismatic boom cycle will remain strong in 2022

Although Bitcoin has plunged 48% in the last four months, the currency market remained strong in early 2022 – expanding its incredible run over the past two years.Reverse Slab Figure 1875 $ 20 Liberty Double Eagle

The onset of the current epidemic in 2020 could mark the beginning of the current rise in the price of rare coins, which has rekindled interest in real resources such as rare coins. Both the number of rare currency sales and the price paid for the rarity have exploded in industry-wide highs over the past two years. At Blanchard, we saw overwhelming demand from new clients and long-term clients who had been inactive in numeracy for a period of time.

Return to “real” assets

Looking back, the volatile financial market volatility in 2020 revived investor interest in real and real assets. As you may recall, between February 12 and March 23, 2020, the Dow lost a staggering 37% of its value and was marked with crude oil tanked – briefly traded below $ 0 / barrel.

The turmoil in the financial markets during the epidemic renews investors’ appetite for real assets like rare coins that you can see, retain and pass on to your heirs, both physically and personally. Rare coins and gold have a distinct advantage over cryptocurrencies and even stocks, so they have thousands of years of history of preserving assets. With the stock market rising and now showing increasing volatility, many of our clients are profiting from their stock positions and moving those funds into their rare currency portfolios.

Rare currency prices rise in an uptrend

According to an industry index compiled by Professional Coin Grading Services (PCGS), the price of the original rare coin has risen 16% compared to a year ago. Perhaps more impressive is the fact that the original Rare Currency Price Index has risen 6,315% since it was created in 1970, which underscores the appreciation of long-term monetary investment assets. Ed Wehrmann, Blanchard’s sales manager, said, “Have you seen the all-time high number of super-rare that made headlines?”

The 2022 rare coin market remains tight

As we enter 2022, demand for rare coins remains extremely high, while supply is at the strongest level seen in decades. The pace of selling rare coins is fast and goes away almost immediately when high-quality rare items become available.

David Janka, Blanchard’s senior portfolio manager, describes the current state of the rare money market: Today, that number is closer to 30 or 40 coins. Recently, we’ve started to see more pieces being found. However, every rare coin we source is either pre-sold or kept within minutes of being on the market. ”

“Six rare items were found on a recent Friday afternoon, averaging around $ 150,000 per piece. Each single piece was set up the next day – Saturday afternoon, “Janka said. At Blanchard, many rare currency investors take a long-term approach, which is common across the country today – contributing to the condition of strictly rare currency supply.” We offered about $ 500,000 in cash on the spot for a coin representing a 40% profit and they would not consider selling it, “said Janka.

Indeed, demand from well-positioned rare currency investors was overwhelming, as high-net prices and both mom and pop investors implemented a strategic shift from paper assets to solid assets with a focus on asset conservation.

Two hallmark placements

Despite the tight currency market supply, Blanchard has been very successful in finding a number of private holdings. Blanchard’s ability to source and place Hallmark coins underscores our ongoing commitment to quality and deep roots in the nationwide currency market.

Blanchard recently placed two flagship rarities, including the 1794 Flying Hair Dollar and the 1808 $ 2½ Capped Bust Quarter Eagle. Given the small capital and wealth concentration in the United States at that time, these Hallmark coins could have been owned by one of the American giants of the time.

Numismatists call the 1808 $ 2.50 capped bust a “stopper coin.” (Stoppers are the coins that have historically presented the greatest difficulty in completing a set.) It has been a rarity ever since the Quarter Eagle was created, with only 2,710 coins produced. The vast majority has melted away and is no more. There are a few collectors lucky to be the owners of this 1808 Quarter Eagle The The most sought-after coin to complete their set is because such a coin can take many years to reach the market for sale.

Another coin recently established by Blanchard: The 1794 Flowing Hair Dollar Hall represents the first dollar coin issued by the newly established U.S. federal government and the beginning of the American currency system. When Blanchard recently set up this coin with a collector, they became not only an investor, but also a custodian of American history and a safe keeper of the beginning of our country’s currency system. This legacy investment not only preserves and enhances wealth, but also preserves and honors the history of the United States.

Given the current market conditions, Ed Wehrmann advises, “Get started now. Talk to your Blanchard Portfolio Manager and create an acquisition plan.” Rare currency investors who have a plan are in a better position to achieve high quality and exceptional investment pieces.

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The demand for work from home tax relief is growing

HMRC announced that it has already processed 794,819 working from home tax relief claims for the 2021-22 tax year. This increase is due to the need for many people to work from home due to the Covid 19 restrictions.

If you are instructed to work from home by your employer, there is a special tax relief for your extra expenses. Don’t miss out.

What is the cost of working from home tax relief?

If you qualify, you can claim tax relief at a flat rate of 6.00 per week from April 6M 2020, every week you work from home. This means that you do not have to provide any proof of your related expenses. This accounts for the extra money you have to pay on top of your normal household bill.

Tax relief is applied at the rate at which you pay income tax. This is 20% basic rate, 40% over rate and 45% over rate. So if you apply for 6.00 per week, the tax relief is:

  • 20% Basic Rate: 20 1.20 per week, or. 62.40 per year (x 52)
  • 40% higher rate: £ 2.40 per week, or £ 124.80 per year
  • 45% extra rate: £ 2.70 per week, or £ 140.40 per year

If you still do not claim to work from home tax relief, do not panic. HMRC backdates such claims for a maximum of four tax years. For the years prior to 2020-21, the flat rate amounts to £ 4.00 per week. If you claim for the previous year, you will receive your payment individually.

How do I claim Home Tax Relief from a job?

Myrtle Lloyd, HMRC’s Director General of Customer Service, said:

“More people are returning to office now, but if they worked from home during the epidemic, it would not be too late to apply for tax relief on family expenses.

“Quick and easy to check if you are eligible and to apply online you need to go to GOV.UK and search for ‘work from home tax relief’.

Here is the link to the portal. It is designed to be used by individual employees, not tax agents. This will take you through a series of yes / no questions to determine which system you need to use to make the claim. If you claim to work flat rate only from Home Tax Relief, you will be able to do so through this link.

If you claim other work costs over 2,500, you will be asked to go the other way.

Keep in mind that working from home tax relief only applies to employees who have to work from home by their employer. This does not apply if you want to work from home.

It tells me I need to file a self-assessment tax return …

At the moment, many people give up trying to complete any kind of tax relief claim because it seems to be more of a hassle than its value. But that means you are leaving your hard-earned cash, which you are entitled to return to HMRC’s bank account. Would you rather have it in you? Or at least reduced your income tax bill a little?

If you have already filed a tax return for any other reason, you will need to include work from Home Relief on the relevant employment page.

You do not want to be frustrated if you cannot get the right pitch so invest in a good capo. And you don’t have to deal with the self-assessment system yourself. We’ll pick it up for you (to maximize your tax relief and make sure you’re fully committed).

Even as an employee, checking who is entitled to tax relief and allowances on the cost of work can save a good chunk of change every year. It’s not just for self-employed.

Tony Shanks
Director of Operations
ATT member

News

Geopolitical Tensions, Inflation Trigger 2022 Gold Rush

Gold prices rose above the 1,900 per ounce level on Monday, reaching a new 8-month high. Investors are rushing to boost the gold market, but analysts say it is not too late to enter.Three gold bars sitting on top of financial documents This step

Investors have long been leaning towards gold to protect against inflation, which has exploded to a 40-year high. However, gold serves as a safe haven and offers stability, resource conservation in times of geopolitical pressure. As Russian-Ukrainian military tensions hit a boiling point, investors are seeking gold security.

Concerns that the outbreak of war between Russia and Ukraine could send risky assets such as declining stocks have increased demand for gold, which is valuable for stability in times of crisis. If Russia invades Ukraine, crude oil prices are expected to rise amid Russian supply disruptions, adding to the current inflation problem.

Investors have been rushing to buy gold in recent weeks, with the price falling to 7 1,792.60 an ounce in late January. Since then? Gold rose 6.27% in less than a month.

Worried you missed the move? Will not.

“We never like to be late for trade, but it can be one of those times when it means chasing. The precious metal, despite moving, is still trading below its spring 2021 high of 90 1,909.90 and may be ready to break, ”said a February 19 Baron article.

“Investors are looking for a geopolitical hedge,” Matt Miskin, co-chief investment strategist at John Hancock Investment Management, told the Wall Street Journal on February 20. If the Russian-Ukrainian situation worsens, it could trigger a new all-time high for gold, Miskin said. In August 2020, Gold scored its all-time high of 0 2,051.50.

A February BofA Global Research Report agrees. The report said, “It’s time to buy more gold, especially if it breaks 1860/1880 because the new will follow all-time highs.” Gold has already traded above $ 1,880 an ounce, recently above $ 1,900. The BofA Global Research Report points to a new all-time high of 2,175 per ounce.

The gold is actually moved and the momentum is built up quickly. Although gold prices in the world market are sold in US dollars, analysts prefer to compare gold with other currencies for the spotlight trend – and there are more trends. Consider this: Gold reached a new all-time high last week, with the price in Japanese yen. Gold also rose to a 52-week high against both the euro and the Australian dollar.

If you work soon, it’s not too late to enter the 2022 Gold Rush.

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