Finance & Accounting
Tax-free health benefits
If you are an employer, it is beneficial for both you and your employees if your workforce is healthy. Consequently, you may want to offer
October 26, 2022
Finance & Accounting
Is it worth registering for VAT voluntarily?
You must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration threshold of £85,000, or if you
October 21, 2022
Finance & Accounting
CGT on residential property gains – are you aware of the 60-day limit?
Statistics published by HMRC in August 2022 revealed that in the 2021/22 tax year, 129,000 taxpayers reported residential property disposal using HMRC’s online service, filing
October 14, 2022
Finance & Accounting
Holiday lettings – beware of longer lets
Furnished holiday lettings enjoy favourable tax treatment as long as certain conditions are met, allowing landlords of holiday lets to access certain valuable reliefs, such
October 13, 2022
Finance & Accounting
What are determinations and can they be cancelled?
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it
October 12, 2022
Finance & Accounting
How gifting can save you tax 
Gifting assets during one’s lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run.
October 10, 2022
Finance & Accounting
Take advantage of the rent-a-room scheme
If you are feeling the pinch and you have a spare room in your home, you may consider renting it out to earn some additional
October 6, 2022
Finance & Accounting
Lettings relief – do you qualify?
In the halcyon days of buy-to-let ownership, landlords were able to benefit from lettings relief if they sold a let property which at some point
October 3, 2022
Finance & Accounting
Is it still worth incorporating?
For many years, working out whether tax savings could be achieved by incorporation was relatively straightforward. Once profits reached a particular level, transferring the trade
September 28, 2022
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
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 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
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
The role of the Adjudicators Office
Few taxpayers are aware that the Adjudicators’ Office (AO) exists. The AO was set up in 1993 to provide an independent free-to-use complaints procedure when
July 8, 2022
Finance & Accounting>Finance & Accounting
Pros and cons of the VAT flat rate scheme
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to
July 8, 2022
Finance & Accounting>Finance & Accounting
‘Pheonix companies’ – distribution treated as income rather than a capital gain in certain conditions
In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income
June 8, 2022
Finance & Accounting>Finance & Accounting
‘Trivial benefits’ – PAYE
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D.
June 2, 2022
Finance & Accounting>Finance & Accounting
Conditions and problems surrounding the claim for Incorporation relief
Businesses become companies for a variety of reasons. Not so long ago it was mainly as a tax planning tool but increasingly the differences in
May 27, 2022
Finance & Accounting>Finance & Accounting
Cryptocurrency – what is a sale – gain or income?
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual
May 25, 2022