Tip of the Week

The £85,000 limit applies to each person: a sole trader, a partnership or a limited company. If you want to get the benefit of multiple VAT thresholds, here are some tips. If you are a sole trader, and want to diversify in to perhaps furnished holiday lets, put the latter in joint names. Otherwise, the […]

The question whether someone is employed or self employed is determined by the nature of the relationship between the parties involved and is not a self-determined label. HMRC have a tool to help you determine the correct status. The Check Employment Status Tool (CEST) is an online tool that can be used to help determine

UK residents are only required to complete the property CGT return if there is a chargeable gain which results in a payment of Capital Gains Tax. Accordingly, for UK residents, if there is no CGT due because of: brought forward losses, covered by the annual exemption, losses made on the transaction, then no separate return

It has been reported that 42% of eligible 18-20 year olds have not claimed the savings in their matured accounts. That’s £1.7bn in unclaimed funds Introduced by former chancellor Gordon Brown in September 2002, CTFs provided tax-free savings accounts for all eligible children in the UK who were born between 1 September 2002 and 2

Have you planned your exit from business? Even if you are just starting out, you should have an idea what you are building towards and why. You may think you are going to be in business for decades to come. That’s fine but what then? Everyone needs to consider their exit. It has been estimated

HMRC have just named 202 employers who breached NMW rules. You don’t want to be on the next list. So, if you pay NMW rates check that you don’t make inappropriate deductions for : Food/meals Parking permits and/or travel costs Cost of, or lost, work equipment and/or Personal Protective Equipment Stock or till shortages Training

You can check your NIC record for your entire working life in your online personal tax account. This will also provide an estimate of the state retirement pension you should receive. A deficiency in the NIC record can also mean that you are denied other contribution-related state benefits such as employment and support allowance, the

As of 31 May 2023, VAT-registered businesses that owe less than £20,000 of VAT can set up a Time to Pay Arrangement online as long as they agree to pay off the VAT within six months. The service is not available to businesses that use the VAT cash accounting or annual accounting schemes or those

The letters are starting to drop on mats throughout the UK. HMRC have gathered information from various internet platforms that point towards people who may not have declared their rental or trading income. Maybe you thought you were invisible if you are trading on the internet. You maybe have not yet received your letter. It

The Annual Investment Allowance (AIA), which gives 100% capital allowances on plant and machinery has been increased from £200,000 to £1m. It was due to revert back to £200,000 on 31 March 2023. The government now intends to make the £1m AIA permanent. Generally, you do not get much tax relief on buildings. There are