Finance & Accounting
Help if you are struggling to meet your tax bills
Inflation is at a ten-year high and the ensuing cost of living crisis means that many people may be struggling to pay the tax that
September 23, 2022
Finance & Accounting>Capital Gains Tax
Transferring assets between spouses
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners
September 21, 2022
Finance & Accounting
Paying PAYE by recurring direct debit
Employers must act as a tax collector for HMRC, deducting tax, National Insurance and, if applicable, student loan deductions, from their employees’ pay and pay
September 19, 2022
Finance & Accounting
Take advantage of the dividend allowance
Where a business is operated as a family company, it is necessary to extract the profits from the company in order to use them outside
September 16, 2022
Finance and Accounting
Are you trading?
It will not always be apparent when a hobby tips over into a trade and the point at which you need to declare your income
September 14, 2022
Finance & Accounting>Finance & Accounting
The tax implication of renting accommodation to your business
Many director-owners of companies own the commercial property from which their company trades. The reasons for this vary and could be historic e.g. the business
September 5, 2022
Finance & Accounting>Finance & Accounting
Common deductible business expenses
No-one wants to pay more tax than they need to. Consequently, it is important to keep good records of business expenses so that deductible expenses
August 25, 2022
Finance & Accounting>Finance & Accounting
Tax relief for bad debts
Bad debts are a fact of business life and most businesses will suffer a bad debt from time to time. This may be because the
August 24, 2022
Finance & Accounting>Finance & Accounting
Capital allowances for cars
Capital allowances are a mechanism for providing tax relief for capital expenditure. Relief is generally given in the form of a writing down allowance, although
August 22, 2022
Finance & Accounting>Finance & Accounting
Involuntary strike-off: what can you do?
The registrar of companies has the power to strike a company off a register if the registrar has reasonable cause to believe that the company
August 19, 2022
Finance & Accounting>Finance & Accounting
How to claim the IHT transferable nil rate band
For inheritance tax (IHT), there are potentially two nil rate bands available. The first – the nil rate band – is available to everyone and
August 16, 2022
Finance & Accounting>Finance & Accounting
The Construction Industry Scheme and property investment companies
The Construction Industry Scheme (CIS) is a tax deduction scheme under which tax is deducted from payments made to subcontractors for construction work unless the
August 13, 2022
Finance & Accounting>Employment Allowance
Managed lets – is VAT due on recharged expenses
If you use an agent to manage a let property, they may incur expenses, such as repairs and cleaning costs, on your behalf and recharge
August 11, 2022
Finance & Accounting>Finance & Accounting
Use the property allowance to make tax-free income from renting your drive
The summer is a popular time for events and event parking is often limited. If you have a drive or field that you do not
August 6, 2022
Finance & Accounting>Finance & Accounting
Personal Bills Paid For By The Company – What’s The Tax And NIC Position?
HMRC’s basic premise is that where a company pays a personal bill, there will be tax and National Insurance implications unless the expense is work
August 5, 2022
Finance & Accounting>Finance & Accounting
Business Property Relief — ensuring that your company and its assets are 100% inheritance tax free
Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief potentially providing 100% tax relief in respect of qualifying assets (termed ‘relevant business property‘)
August 2, 2022
Finance & Accounting>Finance & Accounting
Is your business an ‘adventure in the nature of trade’ ?
Sometimes it is evident that a trade is being undertaken — a plumbing business, a manufacturing business, an accountant or solicitor are all ‘trades’. However,
August 1, 2022
Finance & Accounting>Finance & Accounting
Using the capital gains tax land and buildings toolkit
HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and
July 13, 2022
Finance & Accounting>Finance & Accounting
Different lets, different tax rules
From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional
July 13, 2022
Finance & Accounting>Finance & Accounting
What qualifies for private residence relief?
Private residence relief is a well-known relief but one which is often misunderstood. It applies to remove the liability to capital gains tax that would
July 11, 2022