Do You Need To Pay Tax On Your Cryptoassets?

Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More

8 Ways To Reduce Your Capital Gains Tax Liability

1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More

Important Changes for Taxi, Private Hire or Scrap Metal Licence Applications.

Need to apply for a Taxi, Private Hire or Scrap Metal licence soon? The Government have announced that there will be changes to the application process which you need to be aware of from 4th April 2022.   The rules are changing if you’re an individual, company or any type of partnership applying for a licence for a:  Taxi driver.   Private hire driver. …Read More

Government Support and Child Care.

If you have children, then the Government support you in various ways with your childcare costs. There are three main initiatives and even the government admit that 4 out of 5 people don’t claim all they are entitled to, so we have tried to summarise the schemes below as well as point out scenarios that…Read More

Tax implications of a garden office

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

The Fifth SEISS Grant

The Self-Employed Income Support Scheme (SEISS) was introduced to assist sole traders and those in a partnership who had been adversely affected by Covid-19. The fifth SEISS grant can be claimed if you think that your business profits will be impacted by Covid-19 between 1st May 2021 and 30th September 2021.There are three stages of…Read More

Rent a Room Relief

Deciding whether to rent a room in your home and wondering what the most tax efficient way to go about this is? The ‘Rent-A-Room’ relief scheme is a tax exemption scheme, where, as a property owner you are able to let out a room in your home for up to £7,500 a year and this…Read More

Care relief

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

First-year allowances

Capital allowances are claimed on assets as a form of tax relief. Full first-year allowance (FYA) is a type of allowance on certain assets that allows you to claim tax relief on the full cost of the asset in the year of purchase. So how does it work? When you purchase an asset that qualifies…Read More

What are self-assessment tax returns?

Self-Assessment is a system used by HM Revenue and Customs (HMRC) to collect income tax and National Insurance from individuals who have varied sources of income and who are not on PAYE.  Who needs to file tax return?  A tax return must be submitted if during the previous tax year (April 6th to April 5th) you were: …Read More

Allowable Business Expenses

As we approach the end of lockdown and life starts to return to normal, so does our work life. With an increase in business meetings, travel, and staff returning to the office full time, it’s important to remember which expenses are allowable for tax purposes and which are not. More business meetings could mean clocking up…Read More

Trivial Benefits

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

VAT Retail Schemes

VAT retail schemes can help make calculating your VAT easier by calculating your VAT once with each VAT return rather than for each sale you make. For goods sold that are inclusive of VAT, you deduct the VAT you must record. Whereas for goods that are sold exclusive of VAT you must add the VAT…Read More

VAT margin schemes

The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More

Benjamin Franklin

Beware of little expenses; a small leak will sink a great ship.

Benjamin Franklin