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When is a replacement an improvement
We are often asked by landlord clients to clarify the difference between a replacement item of furniture, furnishing, household appliances or kitchen ware, and a
Tax free dividend squeeze confirmed
The government reintroduced the remainder of the March budget last week, it’s the part that was held-over to accommodate the May 2017 general election. It
30 hours free childcare for working parents
The Department for Education released the following press release last week regarding the new childcare support offer that commences from 1 September 2017. They said:
Tax Diary September / October 2017
1 September 2017 – Due date for Corporation Tax due for the year ended 30 November 2016. 19 September 2017 – PAYE and NIC deductions
Evidence of earning for mortgage purposes
If you are a client, and registered to submit a Self Assessment tax return, we can provide you with a statement that you can use
Claiming back professional subscriptions
If your employment requires that you obtain and maintain membership of a professional organisation, you can make a claim to set the cost against your
VAT bad debt relief
If you use standard VAT accounting – pay VAT on sales when invoiced and claim back VAT on purchases when invoiced – you may have
Common misconceptions about tax and letting property
HMRC has published a list of popular misconceptions that taxpayers have about letting property. We have listed below a summary of situations where you will
Beware self employed contributions trap
To qualify for the full, new State Pension you will need to have 35 years of contributions. At present, the self-employed pay Class 2 (a
Self employed taxed on profits not drawings
We are often asked by self-employed clients to explain why their tax bills are high in proportion to the amount they withdraw from their business
Pension scams
The government has proposed a wide-ranging ban to prevent pension scams. The consultation listed the sorts of phone conversations that the government intends to fall
Where is my profit, it is not in the bank
This is a question we are regularly asked by clients. Usually, the conversation is triggered when we discuss the end of year accounts. Before we
Rent a room at home tax free
On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current
Involving children in your business
Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. Giving shares in your
Organising a trading name for your company
We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new
