Personal Savings Allowance

The personal savings allowance (PSA) was introduced on the 6th of April 2016. Depending on your income, the PSA allows you to get up to £1,000 of interest tax free. The introduction of the PSA has resulted in the majority of people in the UK with income from savings no longer paying tax on this…Read More

Company Car Tax

Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More

Mental Health and Wellbeing at Work

The importance of a positive attitude towards mental health in the workplace has been highlighted many times over recent years. Businesses acknowledge its significance to the workforce and employee productivity and are taking steps to make sure that they’re promoting positive mental health in the workplace. According to Acas, 1 in 4 adults in the…Read More

Inheritance Tax – Taper Relief & Gifting allowance:

Inheritance and the associated tax implications may not be something that you are familiar with or concerned with yet, however with careful planning there are ways of ensuring that that tax payable on possessions passed on to your beneficiaries are minimised. Under current legislation, Inheritance Tax (IHT) is payable on the total value of your…Read More

Uniform Allowance

Wearing a work uniform may not be seen as a benefit – but you can gain Tax relief from it! HMRC give you the opportunity to claim up to 4 years’ worth of uniform allowance. What is classified as a uniform? ‘A uniform is a set of specialised clothing that’s recognisable as identifying someone as…Read More

Restrictions on Finance Cost Reliefs for Individual Landlords

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

New tax year, new allowances

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

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

Trading allowance

£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

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

What counts as R&D

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

Research and Development tax credits

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

Tax Implications of Cryptocurrency Investments & Trading

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

Love is in the air (and lots of tax benefits too!)

Love is in the air as Valentine’s Day approaches. From recent research, it has been found that over one million people will get engaged on Valentine’s Day this year. If you have that niggling feeling that your loved one is thinking of asking you for your hand in marriage, it could come with a number…Read More

Robert Kiyosaki

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