Benefits in kind (BIK) are goods and services provided to an employee (or a member of their family...
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13 Mar 2025
Using the VAT flat rate scheme
The VAT flat rate scheme is a simplified flat rate scheme which can be used by smaller businesses...
12 Feb 2025
Is it worth paying voluntary Class 3 NICs?
The payment of National Insurance contributions is linked to entitlement to the state pension. If...
If you are self-employed, you will pay tax on your taxable profit. In working out your taxable...
28 Aug 2024
Telling HMRC you have no Corporation Tax to pay
If you have a company that is dormant and you have filed your company tax return showing that no...
The tax legislation contains a number of exemptions which allow benefits in kind to be provided to...
24 Jun 2024
Understanding your tax code
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the...
30 Apr 2024
Check your National Insurance record
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn...
25 Apr 2024
Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into...
The High-Income Child Benefit Charge (HICBC) is a tax charge that claws back child benefit where...
8 Feb 2024
Voluntary disclosure
Voluntary disclosure involves individuals or businesses coming forward to inform HMRC of any errors...
6 Feb 2024
Tax and Influencers
Earlier this year, HMRC sent ‘nudge’ letters to social influencers who they suspect may not have...
18 Jan 2024
Relief for post-cessation expenses
The end of a business will not necessarily mean that no further expenses are incurred. Where...
9 Jan 2024
The implications of late VAT registration
VAT registration is compulsory for any UK established persons who are in business and make or...
31 Oct 2023
Self-serve Time to Pay for VAT
For some time, taxpayers within Self Assessment have been able to set up a Time to Pay arrangement...
26 Oct 2023
Claiming overlap relief
If you are self-employed, the way in which your profits are taxed is changing. As a result of this,...
19 Oct 2023
10 deductible expenses
If you let out a property, you can deduct the business expenses that you incur when working out...
17 Oct 2023
Do we need to register the business for VAT?
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches...
13 Oct 2023
Should I file my tax return early?
If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January...
3 Oct 2023
How to appeal a tax penalty
There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file...
27 Jun 2023
Beware the new VAT late submission penalties
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late...
The Covid-19 pandemic forced large numbers of employees to work from home for the first time....
Unincorporated businesses and companies planning capital expenditure projects need to be aware of...
28 Jun 2022
Preserving the personal allowance
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from...
Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate...
Tax payments for the self-employed or those who declare their income under self-assessment are...
If you have a spare room in your home, you may consider letting it out to raise some much-needed...
28 Apr 2022
Relief for rental losses
While the intention is to make a profit from letting out a property, this is not a given, and a...
In a personal or family company the director will often borrow money from the company. This can be...
26 Apr 2022
VAT flat rate scheme – is it worthwhile?
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to...
Where a property is let out, there are likely to be periods when the property is empty, either...
Director’s loans, under the right circumstances, can help in the planning of withdrawing funds from...
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is...
29 Mar 2022
Should you pay a dividend before 6 April 2022?
If you operate your business through a personal or family company and extract profits in the form...
14 Mar 2022
Tax relief for pre-trading expenses
There is a lot of preparation involved in setting up a business, and costs will be incurred, which...
Transactions between a director and his or her personal or family company are common and a...
8 Mar 2022
Dividend 'traps'
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary,...
As we approach April 2022, a number of changes announced in the Chancellor’s latest Budget come...
3 Mar 2022
New advisory fuel rates published by HMRC
New advisory fuel rates for company car drivers have been published by HMRC, which are to be...
3 Mar 2022
New advisory fuel rates published by HMRC
New advisory fuel rates for company car drivers have been published by HMRC, which are to be...
As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary,...
Under the current rules for determining which profits of an unincorporated business are taxed in a...
10 Jan 2022
Income from savings – What is tax-free
Not all types of income are equal from a tax perspective, and savings income enjoys dedicated...
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a...
7 Jan 2022
Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in a month when...
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any COVID-19 grant...
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