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
Finance & Accounting>Corporation Tax
What Are Corporation Tax Payments?
Corporation tax is a tax on the profits of limited companies and other organizations, including clubs, societies, associations, and other unincorporated bodies. Here’s an overview
June 10, 2024
Inheritance Tax
IHT transferable nil rate bands
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which
June 7, 2024
HMRC
How to Log in to HM Revenue and Customs
Efficient tax management is critical for both businesses and individuals and communicating with HM Revenue and Customs (HMRC) is an important component of this. Logging
June 5, 2024
Capital Gains Tax
Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the
June 3, 2024
Sole trader vs Limited company
Sole Trader vs Limited Company Which Is Best?
Choosing between operating as a sole trader or forming a limited company is a critical decision for any entrepreneur. Each business structure has its own
June 1, 2024
Finance & Accounting>Furnished Holiday Letting
Should I sell before the end of the FHL regime?
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes
May 21, 2024
Finance & Accounting>Director’s Loan Accounts
Tax Implications of a Director’s Loan Account
The tax implications of a Director’s Loan Account in the UK can be significant and require careful consideration to ensure compliance with HM Revenue and
May 18, 2024
Finance & Accounting>Partnership
Partnerships cessation on death of a partner
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is
May 16, 2024