Lifetime Gifts in a Nutshell
The Oxford English dictionary defines a gift as: ‘something, the possession of which is transferred to another without the expectation or receipt of an equivalent’.
Accounting, Tax & Business Blogs
Explore expert accounting, tax, bookkeeping, and business advice from across the UK. Get practical tips, financial insights, and the latest updates to help you manage your finances and grow your business.
What is the Capital Allowance for Self-Employed Workers?
Interestingly, while the UK government has imposed different taxation on different industries, it also facilitates businesses by permitting them to deduct the allowable expenses and
What is the VAT Flat Rate Scheme for the Self-Employed?
VAT (Value added tax)is a consumption tax charged on almost all goods and services bought or sold across the UK and EU. Any business whose
How to File VAT Returns as a Self-Employed Worker?
VAT is a tax levied or charged on most goods and services in the UK, and it is compulsory for VAT-registered businesses to collect and
Tax Deductions for Businesses: Is the Remuneration ‘Excessive’?
On the face of it, directors are free to vote on their remuneration as the board sees fit. However, directors should be aware that HMRC
Claiming the Employment Allowance in 2025/26
The Autumn Budget 2024 and the December 2024 Employer Bulletin states that for paydays on and after 6 April 2025: the National Insurance Contribution (NICs)
How to Report Pension Contributions on Self-Assessment Tax Returns?
Pensions are long-term savings plans with the aim of providing financial security in retirement. For self-employed individuals, the prime incentive for making contributions to pension
How to Set Up A Pension When Self-Employed in the UK?
When working as a self-employed, it is commonplace to get immersed in the day-to-day challenges of your business since you need to handle almost all
Time to Disincorporate?
There are many factors to consider when deciding whether to run a business as a sole trader or via a limited company, but tax has
Reaching Agreement with HMRC
Businesses often have areas of uncertainty and write to HMRC to clarify the position; mostly, HMRC just refers the business to their published guidance. This
How to Pay National Insurance for the Self-Employed?
Whether you decide to go solo as a contractor, freelancer or run a limited company, there are unarguably multiple pros of being self-employed, including more
What are Allowable Expenses for Self-Employed People in the UK?
In the UK, paying taxes on taxable income is almost inescapable since HMRC (the government’s main department responsible for collecting taxes) has strict regulations to
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