Rapidly rising fuel prices are something we are having to adjust to in both our personal and working lives. Where an employee uses their own vehicle for business use, their employer can cover the associated costs by paying a mileage…
In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading and property income of more than £10,000 the basis period rules are being reformed. At…
Business software can automate a lot of the tasks you do manually and whilst this list is not definitive, we’ve identified 6 ways technology can make your business more efficient. Cloud-based apps and tools, like those in the Xero App Store or…
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a degree of choice whether they take a capital gains tax hit or their beneficiaries pay…
In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income distributions and taxed accordingly. However, payments made to shareholders where the company is being liquidated…
The corporation tax rules are changing from 1 April 2023, and the amount that a company will pay will depend on the level of its profits, also whether or not it has any associated companies. Briefly, from 1 April 2023,…
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual ownership of the ‘coins’ are stored in a digital ledger with secure transaction records. Coins can be bought or sold…
A guest article by Victor Sacks, IFA from VS Associates. Personal savings – is just that, it’s personal. Against the backdrop of rising inflation/energy prices, you could be forgiven in thinking that this must be a belated April fool, after…
With the launch date confirmed, it’s time to begin preparing for MTD ITSA. The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) in 2024 forms part of HMRC’s ambitious plans of becoming one of the most digitally…
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief on those expenses. Tax relief is only available for expenses that you must incur, rather than those…