Self Employed
What expenses can you deduct if you are self-employed?
If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you
January 6, 2025
Tax Updates
Key December Tax Updates in the UK?
The UK’s tax updates in December is undergoing substantial changes, with several significant updates impacting individuals, businesses, and specific sectors. Here’s a breakdown of the
December 23, 2024
Pre trading loan
Pre trading loan trap sole trader vs company tax relief
Many start-up businesses take out loans to get going, e.g. to purchase stock needed to sell, or to make the first rent payment or rent
December 20, 2024
Temporary Workplace
The impact of working from home on travel and subsistence claims
Post pandemic, homeworking has become the norm, especially the increase in ‘hybrid’ working, i.e. spending part of the week at home and part in the
December 19, 2024
Alternative Dispute Resolution
Alternative Dispute Resolution is it worth using?
HMRC’s Alternative Dispute Resolution (ADR) process was introduced over a decade ago, the intention being to provide an ‘alternative’ cost-effective method for dealing with disputes
December 17, 2024
Making Tax Digital
Extension of MTD
Under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), sole traders and unincorporated landlords within its scope will be required to keep
December 16, 2024
BADR
Dispose of your business sooner rather than later to benefit from the best BADR rates
Business Asset Disposal Relief (BADR) is a valuable relief which reduces the rate of capital gains tax payable on gains made on the disposal of
December 10, 2024
Payroll
Mandatory payrolling what will it look like?
Under payrolling, employers deal with taxable benefits provided to employees through the payroll, treating the taxable amount of the benefit like additional salary and deducting
December 9, 2024
Finance & Accounting>National Insurance
NIC for employers to rise
One of the key announcements in the Autumn 2024 Budget was the rise in employer’s National Insurance contributions from 6 April 2025. From that date,
December 4, 2024
Christmas parties and gifts
Tax efficient Christmas parties and gifts
Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions
December 2, 2024
Company Name Change
Changing Your Company Name in the UK?
Thinking about rebranding or updating your company’s identity? Here’s a quick guide to changing your company name in the UK. 1. Choose Your New Name
November 27, 2024
Private residence relief
Selling your house and garden separately why the order matters
There are circumstances in which it may be desirable to sell some or all of a garden or the land attached to a residence separately
November 12, 2024
Property Business
Different ways of owning property and why it might matter
Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common. The
November 11, 2024
Making Tax Digital
MTD latest update
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax
November 11, 2024
Autumn Budget 2024
Key Highlights for Autumn Budget 2024
The UK Autumn Budget 2024 introduces several changes impacting taxpayers and businesses alike. Here’s a snapshot of the most significant updates to help you stay
November 9, 2024
Finance & Accounting
Is there such a thing as having too much cash?
While having more money in your bank account than is needed may seem ideal, for director shareholders of a company with surplus cash, it could
November 8, 2024
Home Responsibilities Protection
Home responsibilities protection do you have missing years?
Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016,
November 6, 2024
Company loan
Overdrawn director’s loan account must your company pay tax on the balance?
In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the
November 5, 2024
VAT
VAT invoice and accounting controls
VAT registered businesses who use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance
November 4, 2024
VAT
VAT the partial exemption ‘trap’
If a VAT registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its expenses, subject to
November 3, 2024