Many business owners set up a limited company without knowing ‘what is a limited company?’ This business structure is legally separate from its owners or is a separate legal entity. It needs to be registered at Companies House in the UK. A limited company is solely responsible for its finances, actions and liabilities. Let’s delve
What is a Limited Company? A Basic Guide Read More »
The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on time can contact HMRC to agree payment by instalments under the ‘Time to Pay’ scheme. If a business fails to pay its tax bills or does not keep to the
When Might HMRC Demand a VAT Security Deposit? Read More »
All business must start at some point, and a furnished holiday lettings (FHLs) business is no exception. Unlike other rental properties, furnished holiday lettings enjoy special tax rules. As a result, they are able to benefit from capital gains tax reliefs for traders and claim capital allowances for furniture, fixtures, and fittings. The profits from
New Furnished Holiday Lets – Applying the Test Read More »
Turnover and profit are the most commonly used words in the business world. But what do they indicate? How they are different? How to calculate them? What if someone tells you that your business has a low turnover and your profit is shrinking? And how to boost your earnings using these metrics? Read on this
What’s the Difference Between Turnover vs Profit in Business Read More »
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay capital gains tax if a gain arises on the disposal of the property. This may be the case if you have an investment property, such as a buy-to-let or holiday
Working out the Capital Gain on the Sale of an Investment Property Read More »
No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell a much-loved property to pay the inheritance (IHT) bill. The introduction of the residence nil rate band (RNRB -set at £175,000) means that a couple can now leave combined estates
Gifting Property to the Children Read More »
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do this is for the employer to pay a mileage allowance
Making Mileage Payments to Employees Read More »
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is more than £85,000; or at any time if you expect
Do I Need to Register for VAT? Read More »
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for tax relief. One of those limits is the annual allowance. Tax relieved contributions
Pension Annual Allowance – Making Tax Relieved Contributions Read More »
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were adversely affected by the pandemic
Collection of Tax Debts Post Covid-19 Read More »
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