The importance of keeping good business records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and
May 1, 2019
Working from home – claim tax relief for your expenses
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax
May 1, 2019
Give to charity to reduce your inheritance tax bill
Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate. Charitable gifts can work
May 1, 2019
Expenses that landlords can deduct
Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored).
May 1, 2019
Here’s how to earn tax-free money through doing something you love.
Spare time earnings may be tax-free The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the
May 1, 2019
Employment allowance – upcoming changes
The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a
May 1, 2019
The CGT annual exemption – use it or lose it!
Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling
May 1, 2019
Is tax payable on tips?
The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment
May 1, 2019
Director’s loan accounts: recording personal expenses
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of
May 1, 2019
Year-end tax planning tips
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that
May 1, 2019
Salary v dividend for 2019/20
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is
May 1, 2019
Tax-free investments using Premium Bonds
Premium Bonds (PBs) are an investment product issued and maintained by National Savings and Investments (NS&I), which in turn, is backed by HM Treasury. With
May 1, 2019
Make the most of your allowances
The tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income,
May 1, 2019
Abatement of the personal allowance
Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated
May 1, 2019
Does the marriage allowance apply to you?
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in
May 1, 2019
Employee Benefits, Tax free
More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back
May 1, 2019
Directors’ NICs – the correct way to pay
The non-cumulative nature for calculating National Insurance Contributions (NICs) makes it possible to manipulate earnings to reduce the overall amount payable by taking advantage of
May 1, 2019
What can be done with business losses?
Providing a business is being undertaken on a commercial basis with a view to making a profit, it is generally possible to claim relief for
May 1, 2019
Would you rent out a property as a long-term rental or holiday let?
Where a property is located in a holiday region, a consideration will be whether to let it as a holiday let or on a longer-term
May 1, 2019
Rent-a-room: Can you benefit?
Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation.
May 1, 2019