Can I claim capital allowances?
Capital allowances are a way of obtaining tax relief on some types of capital expenditure. What is capital expenditure? Expenses you incur in your business can either be capital or revenue [...]
Should you provide a company car to an employee?
If you provide a company car to an employee there will be a benefit in kind charge. This includes directors of a limited company. What is a benefit in kind? Benefits in Kind (BIKs) are non-cash [...]
Should my business register for VAT?
For most businesses, when your turnover exceeds a certain level you must register for VAT and charge VAT on all your sales. Certain businesses are exempt and therefore do not need to register. If [...]
I claim child benefit. Should I complete a tax return?
The High Income Child Benefit Charge (HICBC) was introduced in January 2013. It relates to the clawback of child benefit for those with income in excess of £50,000 per year. Who does it apply to? [...]
HMRC restriction tax relief of mortgage interest
This is our second blog about rental income. Here we consider the new restrictions for tax relief on mortgage interest. Click here to see our first blog. Interest relief from 6 April 2017 In the [...]
Flat Rate VAT Scheme – Low Cost Trader
From 1 April 2017 HMRC introduced changes to the flat VAT rate scheme. The flat rate scheme was introduced to reduce the administrative burden of small businesses. Under the scheme the business [...]
Do you receive rental income from residential property?
This is our first of two blogs about rental income from residential lettings. Our second blog will consider the tax relief restriction on mortgage interest which came into force from April 2017. [...]
In Budget, Capital Gains Tax, Employment tax, General, Individuals, Owner managed businesses, Pensions, Property, Start up, Tax planning
Posted Budget 2018 – How will you and your business be affected?
On 29 October 2018 the Chancellor presented the Autumn 2018 budget. Businesses Annual Investment Allowance (AIA) The Annual Investment Allowance (AIA) provides 100% tax relief on certain capital [...]
Tax relief at Christmas
It’s that time of year again when thoughts turn to Christmas. As a business do you know what gifts you can give your staff without incurring tax or National Insurance (NI)? Do you know what gifts [...]
