Pre trading expenses
Pre-trading expenses –Be aware of the rules
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working
February 16, 2024
Repairs and improvements
Repairs and improvements – What is the difference and why does it matter?
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line
February 13, 2024
Investment property
Financing an investment property
A would-be property investor will need to be able to fund the purchase of their investment property. They may choose to do this personally or
February 12, 2024
SDLT Claims
Avoid the temptation to make speculative SDLT claims
Not all property is equal when it comes to stamp duty land tax (SDLT). Higher rates apply to residential properties than to non-residential properties, with
February 11, 2024
National Minimum Wage
NMW from April 2024 – Make sure you comply
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be entitled
February 9, 2024
Payroll
Register to payroll benefits in kind
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end
February 8, 2024
Relevant motoring expenditure
Relevant motoring expenditure and NIC – Are you due a refund?
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is
February 5, 2024
Pension contributions
Making pension contributions before 6 April 2024
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth
February 3, 2024
Extracting profits
Extracting further profits in 2023/24
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the
February 2, 2024
Capital Gains Tax
Capital gains tax year-end planning
No one wants to pay more tax than they need to and, where possible, disposals should be timed to ensure that the best result is
January 26, 2024
Finance & Accounting>Dividend
Have you used your 2023/24 dividend allowance?
As we move into the final months of the 2023/24 tax year, it is time to give some thought to whether you have used your
January 22, 2024
Cash Basis
Cash basis extended
If you are running an unincorporated business, either as a sole trader or as a partnership comprising only partners who are individuals, you can use
January 19, 2024
Class 1 national Insurance
National Insurance cut for employees and directors
In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%.
January 18, 2024
National Insurance
NIC payable by the self-employed from April 2024
The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024
January 16, 2024
Finance & Accounting>Furnished Holiday Letting
Using a period of grace election for furnished holiday lettings
The cost of living crisis has impacted on people’s ability to take holidays and short breaks. If you are a landlord letting a furnished holiday
January 12, 2024
Making Tax Digital
Making Tax Digital for landlords
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced from 6 April 2026 From the outset, it will apply to unincorporated
January 10, 2024
Property Income
Making use of the property allowance
It is possible to enjoy tax-free income from property, even if you have already used up your personal allowance. This is because the property allowance
January 6, 2024
Finance & Accounting>Marriage Allowance
Marriage allowance – A possible tax break for married couples or civil partnerships
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth £252 a
January 5, 2024
nudge letters
What to do if you receive one of HMRC’s ‘nudge’ letters
HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total
January 5, 2024
Tax Implications
Tax implications of buying a customer list
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base
January 3, 2024