Mother’s Day (Trivial Benefits)

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

Pension

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

How do I tell HMRC about undeclared rental income

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

Home Working Allowance for Self-employed

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

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