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
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
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
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
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 26, 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
Business Plans
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 6, 2023
Finance & Accounting>Partnership
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 5, 2023