Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More
Qualifying care relief Carers typically receive income from various sources for looking after children and adults who are placed under their care – this income needs to be declared to HMRC via a self-assessment tax return. However, carers can claim what is known as qualifying care relief whereby the payments they receive for the children placed in their care are not taxable, up to a certain amount. …Read More
A Father’s Day tax exemption With Father’s Day fast approaching, the trivial benefits exemption could be a tax-efficient way to treat your dad if he is an employee or director of your company. Expenses or gifts, provided by employers, to employees or directors may not need reporting to HMRC if they meet all these requirements: Does not exceed £50 Is…Read More
What are capital allowances? Capital allowances allow businesses to write off the costs of tangible capital assets, such as plant or machinery, against their taxable income. Whilst most businesses use depreciation to write down the value of an asset over its usable life, this is generally not allowed for tax purposes. Therefore, any depreciation must…Read More
Extra funding of up to £9,000 is now available for businesses in the retail, hospitality and leisure sectors via Adur & Worthing Council. Businesses eligible for the latest top-up funding announced by the Chancellor in early January can now register via the councils’ online portals. The funding is part of a range of support available…Read More
The Self-Employed Income Support Scheme Grant Extension The Self-Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The SEISS has now been extended to cover two further grants, each covering a three-month period with the first grant covering November 2020…Read More
We suspect that many of you have been working from home over the last few months due to obvious reasons. Did you know however that by working from home you can save money in tax? HMRC have a scheme in place which helps you cover the seemingly higher costs of working from home such as…Read More
Extra Help for Small Business Owners Here are 5 extra support offerings for small business owners announced on 24th September 2020 The Government has extended the 15% VAT cut for the tourism and hospitality sectors to the end of March next year. Businesses who deferred their VAT between March & June 2020 will no longer…Read More
The Self Employed Income Support Scheme (SEISS) was first introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The scheme offered a grant worth 80% of average monthly trading profits for a three month period, paid in a single instalment and capped at a total of £7,500.…Read More
As you might have seen, HMRC has now ended their deferral of VAT payments and as such, you may now wish to reinstate your direct debit payments. Unfortunately, HMRC has removed the ability for us to set this up on your behalf, however, it is relatively straightforward for you to do now. Firstly, you will…Read More
The Coronavirus Job Retention Scheme – The End of Furlough? On the 29th of May, the chancellor announced some major new updates to the Coronavirus Job Retention Scheme to help get businesses back on their feet and employees back to work. Here we outline the latest changes and highlight what you need to know. Deadline…Read More
The day of the red briefcase, budget day is just around the corner. Set to be unveiled on 11th March, provided the reshuffle doesn’t delay proceedings, here is a look ahead at what we might be able to expect: Entrepreneur’s relief (Bad news for successful business owners) With the Tories promising to review Entrepreneur’s relief,…Read More
The 2018/19 self-assessment tax return must be filed online by midnight on 31 January 2020 if a late filing penalty is to be avoided. A later deadline applies where the notice to file a return was not given until after 31 October 2019 – in this case, the deadline is three months after the date…Read More
Marriage allowance is a government scheme which provides tax relief to married couples. Marriage allowance allows you to transfer 10% of your personal allowance, £1,250 in the current 2019/20 tax year to your spouse or civil partner, which could save you up to £250 in tax. Marriage allowance can be backdated up to 4 years.…Read More
If you are a limited company director and owner, you should prioritise working out the most tax-efficient methods to draw funds from your company. Below are some useful tips you can use to extract profits tax efficiently from your limited company: 2019/20 Basic director salary Take a director salary of £8,460 to pay a small…Read More
The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.
Robert Kiyosaki
