Mobile phones – a worthwhile benefit
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for
July 16, 2023
NIC advantages of part-time workers
Employers looking to take on new staff may wish to consider employing two or more part-time workers rather than one full-time worker. This can save
July 13, 2023
Tax and tips
The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is
July 12, 2023
Tax implications of termination payments
The number of businesses closing down is steadily increasing. Many of those businesses will have staff, therefore the legal and tax position of any termination
July 10, 2023
Would an LLP be better for your business? Advantages & disadvantages compared with companies
When setting up in business, most people weigh up the pros and cons of operating as an unincorporated business or a limited company. However, there
July 8, 2023
Are you ready for the change? Self-employed – Basis period reform
As part of HMRC’s Making Tax Digital initiative, the existing method of calculating profits on an accounting year basis is to be abolished for the
July 5, 2023
Enjoy £7,500 of tax-free income under the rent-a-room scheme
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
June 27, 2023
Business use of home – Beware the lower CGT annual exempt amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
June 26, 2023
Tax relief for unpaid rent
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
June 25, 2023
Preserving the personal allowance
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
June 23, 2023
Giving away money free of IHT
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
June 22, 2023
Beware the new VAT late submission penalties
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we
June 20, 2023
Have you declared your dividends correctly?
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the
June 17, 2023
Utilise the deduction for paid and reimbursed expenses
Employees often need to incur expenses when undertaking their jobs. The nature of the expense may vary depending on the job, but typical expenses include
June 16, 2023
A different method of paying tax
Tax payments for the self-employed or those who declare their income under self-assessment are payable by 31 January and 31 July every year. Taxpayers who
June 14, 2023
Class 2 National Insurance voluntary contributions are no more
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement
June 9, 2023
Deferring capital gains tax on a business asset
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset. Deferral of the charge is possible with
June 7, 2023
Business Plans
Tax Relief for Unpaid Rent
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
June 6, 2023
Finance & Accounting>Partnership
Enjoy £7,500 Of Tax-Free Income Under the Rent-A-Room Scheme
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
June 5, 2023
Finance & Accounting>Partnership
Business Use of Home – Beware the Lower CGT Annual Exempt Amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
June 2, 2023