14/Sep/2023Claiming overlap relief
If you are self-employed, the way in which your profits are taxed is changing. As a result of this, you only have a limited window in which to claim relief […]
06/Sep/2023Should I file my tax return early?
If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in which to do this, as long as you file […]
31/Aug/2023Cash 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 basis of preparation for unincorporated […]
29/Aug/202310 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 the expenses that you can […]
25/Aug/2023Swapping 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 to the extent that the […]
21/Aug/2023Do 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 is set at £85,000. The […]
18/Aug/2023How 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 return is inaccurate, you are […]
16/Aug/2023Avoid 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 on the associated conditions being […]
07/Aug/2023Business 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 the £1 million lifetime limit. […]
03/Aug/2023Making 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 certain limit. However, if you […]
31/Jul/2023CGT 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 gains tax reliefs. The capital […]
26/Jul/2023Are you entitled to small business rate relief?
Business rates are charged on non-domestic properties like shops, offices, warehouses, factories and holiday rentals or guest houses. However, if your property’s rateable value is less than £15,000 and your […]
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