With the cost-of-living crisis upon us more people are considering self-employment as well as employment to bring in extra money. This can lead to overpayments of National Insurance Contributions (NIC) as although tax is paid on aggregate income, NIC’s are different, being charged on each source. Class 1 NIC will be paid on the employed
NIC Implications Of Being Both Self-Employed And Employed Read More »
Where the plan is to pay a dividend the director/shareholder must ensure that set procedures are in place. This article describes some traps for the unwary and what can be done to reduce the likelihood of HMRC enquiries into dividend payments made. Trap 1- Timing The relevant date for an interim dividend is either
Dividend ‘Traps’ To Avoid Read More »
The new Chancellor Jeremy Hunt had warned the public and the financial markets that his Autumn Statement would include “eye-watering” cuts in public spending and tax rises for those with the ‘broadest shoulders’. Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the pitch” this time with several leaks prior to the event.
Tax Increases and Public Spending Cuts Read More »
A property rental business will have a start date and an end date, and it is important to know what those dates are. When setting up a property rental business, there will be some preparatory work, and costs will be incurred in setting up the business. The start date will draw a line in the
When Does A Property Rental Business Start? Read More »
Where a person has a property portfolio, they may consider giving away one or more of their investment properties during their lifetime to reduce the inheritance tax payable on their estate. However, inheritance tax cannot be considered in isolation, as there may also be capital gains tax consequences which need to be taken into account.
Giving Away The Buy-To-Let To Save Inheritance Tax Read More »
In his recent mini-Budget, the then Chancellor announced a number of stamp duty land tax (SDLT) changes. What are the changes and how will they affect the SDLT that you will pay on your property purchase? Residential property SDLT on residential property is payable at the residential rates where the consideration exceeds the residential
Recent SDLT Changes Read More »
During her leadership campaign, Prime Minister, Liz Truss, promised to reverse the National Insurance increases that took effect from 6 April 2022 pending the increase of the planned Health and Social Care Levy. Ahead of the mini-Budget, the Chancellor confirmed that the Health and Social Care Levy would be cancelled and that the associated National
National Insurance and The Self-Employed Read More »
If you are a VAT-registered business you must charge VAT when you make taxable supplies. You must also pay over the difference between VAT you have charged and the VAT that you have suffered to HMRC (or, where a scheme such as the flat rate scheme is used, the amount due to HMRC under the
VAT Bad Debt Relief Read More »
To save work, employers can pay employees a mileage allowance if they use their own car for business journeys. The Government have recently cleared up confusion as to what can be paid tax-free, confirming the maximum tax-free amount. Mileage Allowance Payments The approved mileage allowance payments system is a simplified system that allows employers
Mileage Allowance Payments – The Maximum Tax-Free Amount Read More »
To ensure that a business does not pay more income tax than it needs to, it is important that a deduction is claimed for all allowable expenses. The rules on what constitutes deductible expenditure can be confusing. They also depend on whether the accounts are prepared on the cash basis or the accruals basis. However,
What Expenses Can You Deduct? Read More »
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