Are you ready for the change? Self-employed – Basis period reform
As part of HMRC’s Making Tax Digital initiative, the existing method of calculating profits on an accounting year basis is to be abolished for the
July 5, 2023
Enjoy £7,500 of tax-free income under the rent-a-room scheme
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
June 27, 2023
Tax relief for unpaid rent
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
June 25, 2023
Preserving the personal allowance
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
June 23, 2023
Giving away money free of IHT
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
June 22, 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 submission penalties and late payment penalties. Here we
June 20, 2023
Have you declared your dividends correctly?
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the
June 17, 2023
Finance & Accounting>Partnership
Business Use of Home – Beware the Lower CGT Annual Exempt Amount
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
June 2, 2023
Tax consequences of dissolving a partnership
The difficulty in dealing with partnership taxation is that there are no separate rules and those present are not located in one place. What rules
May 29, 2023
Finance & Accounting
Enquiry or discovery – What is the difference?
Most taxpayers know that they must adhere to a rigid timetable for the submission of tax returns and claims, otherwise either penalties are levied or
May 24, 2023
Finance & Accounting>Cryptocuurency
The Taxation of Cryptocurrency
Cryptocurrency is a complicated concept and the following text gives HMRC’s view on the basic rules. Modern cryptocurrencies were first described in 1998 but the
May 23, 2023
Beware of gift aid clawback
Changing personal circumstances may mean that individuals who were previously taxpayers find that they are now non-taxpayers. If they are in the habit of making
May 21, 2023
Full expensing for companies
The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It
May 19, 2023
Capital gains tax on separation and divorce
Spouses and civil partners enjoy certain tax breaks, including the ability to transfer assets between them at a value that gives rise to neither a
May 17, 2023
Mileage allowances – What can you pay tax-free?
Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The
May 15, 2023
Pension changes
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the
May 12, 2023
Rebuild your pension pot with rental income
A self-invested personal pension (SIPP) can be an attractive option for saving for retirement and is one that is popular with company directors. Under a
May 9, 2023
Make use of simplified expenses
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also
May 6, 2023
Releasing equity from a buy-to-let: Watchpoints
Landlords who have benefited from rising property prices in recent years may wish to consider releasing equity now in case prices drop. This may be
May 3, 2023
Finance & Accounting
Discounts for employees – A taxable benefit in kind?
Pre-pandemic, giving discounts to employees was invariably only offered by the larger companies. However, because employee benefit schemes save the employer money, many SMEs are
April 30, 2023