Do we need to register for VAT?
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold
August 30, 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 your tax return late, your tax
August 28, 2023
Avoid the traps when providing eye tests for employees
Although the tax system contains an exemption for employer-provided eye tests and the glasses or contact lenses for display screen use, its availability is dependent
August 25, 2023
Business Asset Disposal Relief – have you exceeded the limit?
HMRC have sent out nudge ‘One to Many’ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief (BADR) in excess of
August 21, 2023
Making tax-free mileage payments
If you have employees who use either their own car or a company car for business mileage, you can pay mileage allowances tax-free up to
August 17, 2023
Cash basis or accruals basis?
There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash basis is the default
August 14, 2023
10 deductible expenses
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing
August 11, 2023
Swapping your main residence for capital gains tax purposes
Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home
August 9, 2023
VAT option to tax changes
The typical situation where ‘opt to tax’ could be used is where a commercial property is purchased for renting. As a new commercial property, VAT
August 6, 2023
Tax implications where employers pay above HMRC’s approved mileage rates
If an employer pays less than these rates, the employee can claim tax relief for the unused balance. Where an employer pays less than these
August 3, 2023
HMRC has closed its phone lines – How to make contact
With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started on 12 June, running
August 1, 2023
Mixed-use properties and SDLT
For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important
July 29, 2023
CGT advantages of furnished holiday lettings
Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital
July 25, 2023
Selling the garden for development
If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some
July 22, 2023
Do you need to complete a tax return?
Even if you pay all your tax through PAYE, you may still need to complete a Self-Assessment tax return if you are a high earner.
July 19, 2023
Mobile phones – a worthwhile benefit
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for
July 16, 2023
NIC advantages of part-time workers
Employers looking to take on new staff may wish to consider employing two or more part-time workers rather than one full-time worker. This can save
July 13, 2023
Tax and tips
The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is
July 12, 2023
Tax implications of termination payments
The number of businesses closing down is steadily increasing. Many of those businesses will have staff, therefore the legal and tax position of any termination
July 10, 2023
Would an LLP be better for your business? Advantages & disadvantages compared with companies
When setting up in business, most people weigh up the pros and cons of operating as an unincorporated business or a limited company. However, there
July 8, 2023