by Karen | Oct 14, 2021 | Accounting, Benefits, Tax
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the...
by Karen | Oct 8, 2021 | Accounting, Financial planning, HMRC, Making Tax Digital, Tax
Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax administrations in the world. MTD involves fundamental changes in the way in which taxpayers keep records and...
by Karen | Sep 30, 2021 | Accounting, Business Costs, HMRC, Tax
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are not available where accounts are prepared under the cash basis;...
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...
