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
Finance & Accounting>Property Partnership
Beware property PM partnerships involving hybrid arrangements
HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the
December 22, 2023
Divorce settlement
Divorce and the former marital home
On separation or divorce, it is common for one spouse to move out of the family home and for the other spouse to continue to
December 21, 2023
Private residence relief
When does period of ownership for PRR start?
Private residence relief (PRR) removes the capital gains tax charge that would otherwise arise on a gain on the disposal of an only or main
December 20, 2023
Finance & Accounting>Paye
PAYE settlement agreements –What are they and how do you set one up?
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits
December 18, 2023
disincorporation
Is it time to disincorporate?
On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate
December 15, 2023
mileage claim
Can mileage claims include loan interest?
The Approved Mileage Allowance Payment (AMAP) was introduced in 2002 as a statutory simplification to allow employers to make tax-free payments up to certain limits
December 14, 2023
Capital Allowances
Depreciation versus capital allowances
Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes.
December 13, 2023
Full Payment Submission
Reporting payment to HMRC if you pay your employees early in December
Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment
December 12, 2023
Finance & Accounting>Marriage Allowance
Can you benefit from the marriage allowance?
The marriage allowance is not a separate allowance as such – rather, it is a transfer of part of one spouse or civil partner’s personal
December 6, 2023
Reclaiming Section 455
Reclaiming section 455 tax paid
In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial
December 5, 2023
Finance & Accounting>Tax Return
Submit your tax return by 30 December to have your tax collected through PAYE
Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have
December 2, 2023