12/Aug/2024Wealthy taxpayers within PAYE – When is a tax return required?
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and 2021/22. A letter was sent where the taxpayer had submitted a return for […]
09/Aug/2024How to Claim Tax Relief on Work Clothes
Many employees are required to wear a uniform or particular type of clothing whilst at work. Even where there is no set uniform, many have clothes that they wear only […]
07/Aug/2024Repairs vs. Improvements: Tax Implications for Landlords
As a landlord, you will periodically need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating, or the work may be more substantial, […]
05/Aug/2024Tax Rules for Children’s Income and Savings: What Parents Need to Know
Children may have an income. This may be in the form of savings income on accounts that they hold or, for older children, income from a paper round or a […]
02/Aug/2024Implications of ‘Not a VAT Invoice’ on Tax Points and Cashflow
Although suppliers such as mobile phone providers are VAT registered, a careful look at the invoices issued to customers shows the words ‘this is not a VAT invoice’—why is that? […]
31/Jul/2024The Tax Guide to Letting Out Parking Spaces on Your Drive
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done through the various […]
29/Jul/2024Letting Property Through a Company: Weighing the Tax Benefits and Drawbacks
The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favorable furnished holiday letting rules,, and lower corporation tax rates led many landlords to […]
27/Jul/2024Tax relief on charitable donations
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If you are a UK taxpayer, […]
24/Jul/2024Setting up as a sole trader
How you operate your business determines the taxes that you pay and your reporting obligations. You are a sole trader if you work for yourself and run your business independently […]
22/Jul/2024Will paying voluntary NICs boost your pension?
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National Insurance credits. Suppose you will […]
19/Jul/2024Government-Endorsed Tax Incentives: Boosting Investment in Small and Medium-Sized Companies
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimize tax liabilities while maximizing capital inflow. These schemes are designed to attract investment by offering tax […]
15/Jul/2024VAT Payback and Clawback Rules: Implications of Changing Business Plans
VAT applies to taxable supplies made by a VAT-registered person, whether an individual or a company. VAT-exempt supplies in the UK are goods and services that are not subject to […]
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