04/Jan/2024Tax implications of buying a customer list
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base via recommendation. A business can […]
03/Jan/2024Marriage allowance – A possible tax break for married couples or civil partnerships
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth £252 a year. The main reason for […]
29/Dec/2023Beware property PM partnerships involving hybrid arrangements
HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the scheme does not work and […]
26/Dec/2023When does period of ownership for Private residence relief start?
Private residence relief (PRR) removes the capital gains tax charge that would otherwise arise on a gain on the disposal of an only or main residence. The relief shelters the […]
19/Dec/2023Reclaiming section 455 tax paid
In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial loan. However, there can be […]
19/Dec/2023Reporting payment to HMRC if you pay your employees early in December
Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment Submission (FPS) at or before […]
15/Dec/2023Depreciation versus capital allowances
Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes. One area where the rules […]
14/Dec/2023Can you benefit from the marriage allowance?
The marriage allowance is not a separate allowance as such – rather, it is a transfer of part of one spouse or civil partner’s personal allowance to their spouse or […]
13/Dec/2023Submit your tax return by 30 December to have your tax collected through PAYE
Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have it collected through PAYE via […]
09/Dec/2023Is it time to disincorporate?
On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate Transparency Act 2023 is to […]
06/Dec/2023PAYE settlement agreements – What are they and how do you set one up?
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits and expenses instead, although completion […]
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