Tax Implications
Tax implications of letting out your drive
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can
August 2, 2024
Sole trader
Setting up as a sole trader
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for yourself and
July 22, 2024
payment on account
Understanding Payment on Account
A Payment on Account (PoA) is an advance payment towards your tax bill in the UK. It helps spread the cost of your tax liability,
July 20, 2024
Finance & Accounting>Dividend
Do you now need to pay tax on your dividend income?
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first
July 19, 2024
HMRC
Is it worth filing a formal complaint with HMRC?
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour
July 18, 2024
Finance & Accounting>Furnished Holiday Letting
‘Brightline’ test for FHLs ruled out
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that the tax regime
July 16, 2024
Finance & Accounting>Pension
Will paying voluntary NICs boost your pension?
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National
July 13, 2024
Sole trader
How to Pay Yourself as a Sole Trader in UK?
As a sole trader in the UK, paying yourself is straightforward, but it’s essential to understand the process and manage your finances effectively. Here’s a
July 12, 2024
Finance & Accounting>Charitable Donations
Tax relief for charitable donations
If you make donations to charity, you can benefit from tax relief for charitable donations. This can be achieved in various ways. Gift Aid If
July 6, 2024
Sole trader
The Role of Accountants for Sole Traders?
Being a sole trader in the UK offers many advantages, such as simplicity in setting up and operating your business. However, managing finances and staying
July 4, 2024
SDLT
The SDLT supplement and changing your main residence
In most cases, a higher rate of stamp duty land tax (SDLT) applies to the purchase of second and subsequent residential properties in England and
July 1, 2024
DIY Housebuilders
VAT and DIY housebuilders
A person who buys a new home from a property developer does not have to pay VAT on it as the sale is zero-rated. However,
June 28, 2024
Finance & Accounting>Capital Gains Tax
Which home is the main residence?
Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains tax on any
June 24, 2024
retirement income
Retiring an employee tax efficiently
Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000 exemption for
June 20, 2024
Finance & Accounting>Tax free
What’s New with the Tax-Free Allowance for 2024?
Understanding taxes can be overwhelming, especially for individuals and small businesses. One important concept to grasp is the tax-free allowance. In 2024, the UK government
June 19, 2024
Tax Implications
Tax implications of company failure
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published by the Insolvency
June 17, 2024
Small Business Accountants
How Can Accountants Help Small Businesses in the UK?
Running a small business in the UK can you both exciting and challenging. In the middle of the hustle of managing daily operations, marketing your
June 14, 2024
Finance & Accounting>Tax free
Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at
June 13, 2024
Cash Basis
Cash basis by default
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their taxable profit using the cash basis.
June 12, 2024
Finance & Accounting>Tax Return
Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you
June 11, 2024