Previously, 100% of finance costs have been allowable for tax relief, however, new restrictions on finance costs mean that landlords are no longer allowed to deduct all of their finance costs from their rental income to calculate their property profits. The restrictions are being gradually phased in, beginning in the 2017 to 2018 tax year…Read More
While the 6th of April may be just another Saturday to most people, it marks the start of a new UK tax year. On the most part, this means higher minimum wages and higher allowances! Below is a short summary of some of the changes that are most likely to impact employees, the self-employed and…Read More
Does your mother work for you? The trivial benefit exemption could be a tax-efficient way to treat your mother this Mother’s day – 31st March 2019. What qualifies as a trivial benefit? Employers that provide a gift or expense to their employee or director, under a statutory exemption. All of the conditions below have to…Read More
What should I consider when making a pension contribution? Annual Allowance There is a limit to the amount that can be contributed to your pension each year while still receiving tax relief. This limit is known as the ‘Annual Allowance’ and is capped at £40,000. The annual allowance applies to all schemes you belong to…Read More
£1,000 trading allowance: What is it? HMRC introduced what is known as the ‘Trading allowance’ in the 2017-18 tax year in order to reduce the total amount of tax payable on income earnt from self-employment and other casual or miscellaneous sources i.e. Babysitting or Gardening. What does it mean? The trading allowance allows those who…Read More
When your parents or grandparents have to move into a care home the dilemma for many families is how they are to afford the fees that such a requirement dictates. Rent One of the most common answers to this dilemma is to rent out the residential property that their loved one has moved away from.…Read More
How to show that your project is R&D within the tax definition When you submit a claim, it helps if you give details of your project. The questions below will help you decide if your project is within our definition of R&D. If your claim clearly sets out how you approach these questions, it helps…Read More
R&D Tax credits is a scheme designed to maintain Britain’s global reputation for innovation. Encouraging business’ to grow, expand, and reach their full potential by increasing their spending in Research & Development. What counts as Research & Development? To qualify for R&D Tax Credits, the work undertaken must be part of a specific project to…Read More
In recent years Bitcoins, and other such cryptocurrencies, have become very lucrative investments nationally and globally. However, many are unaware of the tax implications within the UK of such investments. As a result, we have written a brief guide to help you ensure that you stay compliant with HMRC. VAT Implications As laid out in…Read More
Valentine’s day is different this year…., We will be experiencing the date night out- as the date night in, starring a three–course microwave meal and a ticket to the sofa cinema! In recent years, studies highlighted that over a million people got engaged on Valentines Day. With the current pandemic, who knows whether that will go higher or lower……Read More
Homeworking expenses include supplies used in order to complete your work. Computers and other technology Furniture Internet Access Homeworking allowance for an employee only applies to expenses that are completely necessary and exclusively in the performance of employee duties. In other words, you cannot proportion expenses for personal and business use. Currently, HMRC allows a…Read More
The homeworking allowance allows you to claim back certain expenses to cover the costs incurred when working from your home. These include: Room space Gas and Electricity Phone Bills Exempt expenses would include anything that is for personal use. Method 1 – Apportion actual costs As a self-employed individual working from home, you can choose…Read More
If you take security deposits from customers then you will need to record them down so you know what you hold for different customers. QuickBooks makes it easy to record these so you can see at any time what you hold for each customer. This blog deals specifically with deposits that are intended to be…Read More
Behind every good business is a great accountant.
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