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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 tax will I pay on a pension lump sum?
Since April 2015, people with private pension funds have had far more freedom about what they can do with their “pot”. They are able to take their whole pension as a lump sum without having to buy an annuity or similar long-term investment. The idea is that the...
How do I register for CIS (the Construction Industry Scheme)?
The Construction Industry Scheme is a scheme that applies to payments to self-employed workers and businesses in the Construction Industry. Under the scheme tax is deducted from payments and paid over to HMRC. There are two sorts of people that need to register with...
What is a VAT assessment?
The reason for HMRC sending you an assessment is that you are late submitting your VAT Return. If you pay the assessment you could wait a very long time for them to correct the amount after you send in your Return, which is especially annoying if they owe you money!...
Can I claim my new computer as a business expense?
Sole Traders / Partnerships. If the computer is purchased for part business/part private, then the business portion of the cost can be claimed. VAT claimed back on the purchase must be in the same proportion. Limited Companies. The full cost of the computer can be...
What is Gift Aid?
Tax relief: Gift Aid is a way you can increase the value of a charitable donation - at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to cover...
What is Business Asset Disposal Relief (Entrepreneurs’ Relief)?
Business Asset Disposal (‘BAD’) Relief (formerly Entrepreneurs’ Relief) is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part of a business; or more than 5% of shares in a small company in which you work or hold...
Can I claim tax relief on my car if I’m a sole trader?
I use my car for my self-employed business – it cost £5,000*. Can I claim tax relief? Yes - but it's complicated – and it depends on the CO2 emissions of the car. For cars bought after 6th April 2021: Second-hand electric cars, and cars with CO2 emissions over...
What overnight expenses can I claim through my Company while I’m working away?
Generally, if you stay away overnight, you can claim for the actual costs of the accommodation and a meal on top of your mileage. You can also claim Incidental Overnight Expenses (receipts not needed) which are not necessarily business expenses but include items such...
How does being married affect Capital Gains Tax (CGT)
When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...
Should I charge VAT on recharged expenses?
As a VAT registered IT consultant, I invoice an Agency for my time and I occasionally recharge expenses for travel and accommodation. My Agency refuses to pay the VAT on these recharged expenses – saying they are a ‘disbursement’ and VAT shouldn’t be applied. I’m out...
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