VAT Reclaim
VAT reclaim When things don’t go to plan
Even the best laid plans are liable to change. The ‘payback and clawback rules’ for VAT reflect this reality. These rules only relate to input
September 12, 2025
Finance & Accounting>Director’s Loan Accounts
Directors’loan accounts – The 30-day rule
Interest rates are coming down, but HMRC’s official rate of interest (ORI) for employee loans has increased to 3.75% per annum (6 April 2025) and,
September 11, 2025
Tax code
Checking your tax code
The tax code is fundamental to the operation of PAYE. An employee’s tax code provides the employer with the information needed to deduct the correct
September 9, 2025
State Pension Purposes
Paying sufficient salary to get a qualifying year for state pension purposes
There are various ways in which profits can be extracted from a personal or family company. A popular and tax-efficient extraction strategy is to pay
September 8, 2025
VAT Invoice
Information that must be included on a VAT invoice
A VAT invoice is an invoice that contains information required by the VAT regulations. A VAT invoice can only be issued by a business which
September 7, 2025
40% Tax Bracket
At What Point Do You Pay 40% Tax in the UK?
The UK tax system works on a progressive basis, meaning the more you earn, the higher the percentage of tax you pay. Many people wonder:
September 6, 2025
Class 2 National Insurance contributions
Class 2 National Insurance contributions charged in error
The liability for self-employed earners to pay Class 2 National Insurance contributions was abolished with effect from 6 April 2024. Now Class 2 National Insurance
September 4, 2025
Pension Benefits
IHT charge on unused pension benefits
From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death benefits. The measure was announced
September 3, 2025
Accounting for Gift Cards
How to Do Accounting for Gift Cards in the UK?
Gift cards have become a popular way for businesses to attract and retain customers. Whether you run a retail store, a café, or an online
September 2, 2025
VAT
Credit notes or VAT bad debt relief claim – which?
Bad debts pose a significant challenge for every business. Staying on top of non-payments is essential for maintaining a healthy cash flow and ensuring the
August 22, 2025
Finance & Accounting>Dividend
The tax consequences of not repaying an ‘illegal dividend’
Dividends can only be declared out of a company’s available undistributed profits and even if the bank account is in credit as at the date
August 20, 2025
Finance & Accounting>Furnished Holiday Letting
Using former FHL losses
From 6 April 2025, furnished holiday lets are treated in the same way as other lets for tax purposes. Landlords letting both holiday accommodation and
August 18, 2025
Finance & Accounting>Furnished Holiday Letting
Holiday lets and business rates
Although the end of the tax regime for furnished holiday lettings relieved landlords of the need to keep track of the number of days for
August 17, 2025
Rental Income
Earn tax-free income from renting out your garage
There is a demand for garage space, particularly from tradespeople who want somewhere to store their tools safely rather than leaving them in their van
August 15, 2025
Property Business
What happens to your estate if you die intestate?
In an ideal world, everyone’s estate would be distributed according to their wishes. However, where someone dies without making a will, who gets what is
August 12, 2025
Temporary Staff
Temporary staff and auto-enrolment
Employers have a duty to enrol eligible staff in a pension scheme. Staff are eligible if they are aged between 22 and state pension age
August 11, 2025
Finance & Accounting>Tax Free Benefits
Tax-free trivial benefits
The tax exemption for trivial benefits is a useful one as it allows employers to provide certain low-cost benefits to employees without an associated tax
August 6, 2025
VAT
Correcting errors in your VAT return
It used to be possible to report errors in a VAT return to HMRC on form VAT652. This is no longer the case; form VAT652
August 3, 2025
Work From Home Relief
Work From Home Tax Relief: What You Can Claim and How?
Working from home isn’t just convenient it can also save you money. If your employer requires you to work from home, you may be able
August 2, 2025
Tax Implications
Tax implications of writing off a director’s loan
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains
August 1, 2025