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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.
What is the 24 month rule for travel expenses?
When an employee or director travels to a temporary place of employment, from their permanent place of employment (usually the home address for Personal Service Companies), then they can claim tax relief on relating travel & subsistence expenses. However, if/when...
What to consider when splitting shares between couples
Who genuinely owns, founded, or acquired the business? Who works in it and earns the money? If the person who formed, and runs it isn’t the majority shareholder, this could mean trouble – because, if the couple fall out, the main worker could lose control of their...
Directors Loan Accounts – what happens when you borrow money from your Company Account.
Many director/shareholders borrow money from their Companies but, as long as they pay it back within 9 months of the following accounting year end date, there are no great tax implications. If it is not paid back by that deadline, a law called s.455, says the Company...
How to delay being VAT registered
VAT registration and small businesses VAT registration is a problem for small businesses who sell to the general public. When your annual turnover exceeds £90,000, you must register for VAT and pay 1/6th of your gross sales to HMRC. However, there are some ways that...
What is the Personal Allowance?
Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year. For the 2024/25 tax year, it is...
What taxes affect landlords?
When starting up as a landlord there are a number of issues and tax implications to bear in mind. Decide on what investment property to buy. This is obviously the most basic decision and the key decision (aside from whether to buy a property). Decide how to...
What Are Benefits in Kind?
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid. BIKs tend to cover personal expenditure - commonly private medical/dental cover, personal use of company cars/vans and fuel benefits etc. The BIK is...
What is the marginal rate of tax?
The marginal rate of tax paid is “the percentage of tax paid on earnings for the next pound earned.” What that means is that if you earn £50,270 your marginal rate of tax is 40% because for the next pound that you earn, you will be paying tax at 40%. Below are the...
Mortgage References for business owners
Applying for a new mortgage or re-mortgage can be a stressful and time-consuming task for anyone. At least for people in full time employment there is a good chance that their income will have been consistent over the last few years. Unfortunately, people running...
What should I do when employing someone for the first time?
The most important things are: You must pay at least the National Minimum wage. Get Employers’ Liability insurance as soon as you become an employer. Send a written job description (including Terms & Conditions) to your employee. When employing someone for over 1...
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