The trading allowance enables an individual to earn up to £1,000 from self-employment, the provision of casual services (such as gardening or babysitting) or from
The VAT default surcharge is being replaced with a new VAT penalty and interest regime. The new rules apply to VAT accounting periods beginning on
The dividend allowance is available in addition to the personal allowance. It allows all taxpayers regardless of the rate at which they pay tax to
It can be a risky business being a director of a UK company these days. It is a common myth that the limited liability status
If economic advisers are to be believed then we are heading into a recession lasting at least a year and every recession brings with it
When a loan is taken out with a bank the repayment terms are usually confirmed in a formal loan arrangement. However, if you are a
In a climate of rising interest rates and rising inflation, every penny is likely to count. For working parents, help with their childcare costs is
In a partnership, profits and losses are shared between the partners in accordance with the profit sharing ratio. This may be fixed, for example, three
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a
The Annual Investment Allowance will now remain at £1 million permanently rather than reverting to £200,000 from 1 April 2023. This change of plan may
To help businesses that suffered losses during the Covid-19 pandemic, temporary measures were introduced to increase the period for which certain losses could be carried
If you receive rental income from properties that you let out, you will need to tell HMRC about it on the property pages of your
Generally, when a person sells a home that they have lived in as their main residence, they will not have to pay tax on any
In a climate of interest rate hikes and rising mortgage rates, property investors will want to ensure that they do not miss out on tax
During her leadership campaign, Prime Minister, Liz Truss, promised to reverse the National Insurance increases that took effect from 6 April 2022 pending the increase
If you are a VAT-registered business you must charge VAT when you make taxable supplies. You must also pay over the difference between VAT you
To save work, employers can pay employees a mileage allowance if they use their own car for business journeys. The Government have recently cleared up
To ensure that a business does not pay more income tax than it needs to, it is important that a deduction is claimed for all
The Chancellor’s recent mini-Budget and subsequent U – turns threw a number of spanners into the works as far as profit extraction strategies are concerned.
A property rental business will have a start date and an end date, and it is important to know what those dates are. When setting
