by Karen | Sep 23, 2021 | Accounting, Capital Gains Tax, Financial planning, Tax
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This...
by Karen | Sep 16, 2021 | Accounting, HMRC, Self employment, Tax
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules, there must be a trade. It is, therefore, necessary to understand what constitutes trading, and when a trade commenced or...
by Karen | Sep 10, 2021 | Accounting, Childcare, Tax
Childcare is expensive; however, the tax system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported childcare and vouchers to a Government top-up scheme. Government scheme The Government operate a tax-free...
by Karen | Aug 30, 2021 | Accounting, Covid-19, HMRC, Tax
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...
by Karen | Aug 23, 2021 | Accounting, Business Costs, Expenses, Tax
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...
by Karen | Aug 16, 2021 | Accounting, HMRC, VAT
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...
