Reporting expenses and benefits for 2018/19
Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC. The reporting requirements depend on whether the benefits
May 11, 2019
Family companies – optimal salary for 2019/20
For personal and family companies it can be beneficial to extract some profits in the form of a salary. Where the individual does not have
May 11, 2019
Are you paying the minimum wage?
The National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1 April 2019. From that date, the NLW, payable to workers aged 25
May 11, 2019
SDLT and first-time buyers
Stamp duty land tax (SDLT) is payable where you buy a property in England or Northern Ireland and the amount paid is more than a
May 2, 2019
Putting property in joint name – beware a potential SDLT charge
There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names.
May 2, 2019
Simplified deductions where your business is based at home
Many small businesses are run from home. Where a business is run from home, household costs will be incurred which are attributable to the business.
May 2, 2019
What makes a property a residence?
Capital gains tax private residence relief is available where a property is occupied as the taxpayer’s only or main residence. The question of what constitutes
May 2, 2019
Airbnb-type lets – is rent-a-room relief available?
Many homeowners have taken advantage of sites such as Airbnb to let out a spare room on a temporary basis or their whole property while
May 2, 2019
Claiming a deduction for pre-letting expenses
For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some
May 2, 2019
The importance of keeping good business records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and
May 1, 2019
Working from home – claim tax relief for your expenses
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax
May 1, 2019
Give to charity to reduce your inheritance tax bill
Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate. Charitable gifts can work
May 1, 2019
Expenses that landlords can deduct
Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored).
May 1, 2019
Here’s how to earn tax-free money through doing something you love.
Spare time earnings may be tax-free The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the
May 1, 2019
Employment allowance – upcoming changes
The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a
May 1, 2019
The CGT annual exemption – use it or lose it!
Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling
May 1, 2019
Is tax payable on tips?
The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment
May 1, 2019
Director’s loan accounts: recording personal expenses
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of
May 1, 2019
Year-end tax planning tips
As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that
May 1, 2019
Salary v dividend for 2019/20
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is
May 1, 2019