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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
Tax rules for Christmas parties
It’s that time of year when most employers arrange a Christmas Party for their staff. The rules around tax relief for Christmas parties are fairly generous so long as the party is open to all employees and not just directors/management. Party costs (including travel...
Do you need to submit a Tax Return?
You need to submit an Income Tax return (for 2023/24) if HMRC send you a Tax Return to complete or, if you know that you have income tax or capital gains tax to pay. However, HMRC have a list of further circumstances where a Tax Return should be prepared, including:...
How to complete a VAT return
Whether you are on the standard or the cash accounting scheme this is how you should complete your VAT return. The only difference is that with the standard scheme you will include all transactions as at their...
What is Salary Sacrifice and why do people do it?
‘Salary Sacrifice’ is a mechanism where a formal agreement is made jointly by an employer and employee, to reduce an employee’s salary in return for some other benefit. The point of this arrangement is generally to save National Insurance – and this saving can then...
What car expenses can I claim for my business?
Find out what car expenses you can claim for your business
What is the difference between Joint Tenants and Tenants in Common?
If you are in a marriage or stable relationship, then buying as Joint Tenants is probably fine. With this method, you own the property jointly, you split income and costs equally and, on the death of one owner, the other owner automatically inherits the deceased...
What are the capital gains tax rules on sale of residential properties?
If you are a UK resident and you are selling your residential property, any Capital Gains Tax due will have to be calculated and paid to HMRC within 60 days. For the vast majority of sales, no Capital Gains Tax (CGT) will be...
How do I change the ownership split on a buy-to-let property?
Although, generally, property lawyers know about taxes associated with transfers and disposals (sales) of property, I have come across a couple of instances where they have not fully advised their clients. When a property is owned by a couple (married or civil...
What are Depreciation and Capital Allowances?
Depreciation: Is an accounting term for spreading the value of a fixed asset (vehicle or equipment etc.) over its useful life. Spreading the cost is fairer and more accurate than deducting it all from the Business’s Profit in the year of purchase. i.e. Depreciation...
Starting a business checklist – 20 things to consider
When starting a business there are a lot of things to think about and a checklist can be useful. The checklist below is not exhaustive but it does include tasks that are sometimes overlooked by people starting out in business. It is always worth talking to an...
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