Electric Cars
Electric Cars As more and more businesses consider more sustainable and eco-friendly ways to operate, we are seeing an increase in the acquisition of electric cars. There are tax surrounding electric cars, and they are: The company car that is available for an employee’s private use will usually attract a benefit in kind charge. As…
Read More
Summer Tax Brief
Cash basis by default From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis. That…
Read More
Capital Gains Tax on 2nd Property
Capital Gains Tax on 2nd Property Who does this effect, it effects landlords with one or more property’s or where they rent this out on a commercial basis for payment of rent for living there. individuals who have a second home, but this may not necessary be rented out but for their own use and…
Read More
When Dividends can be Voted
Dividends Dividends are a return to shareholders on the profits after tax that a trading company has in its annual financial statements and the board of directors approve the amount of dividends to the shareholders. In a private limited company these could the same people especially startup companies. Payment of Dividends Dividends is small private…
Read More
A Unique Tax Reference Number
A Unique Tax Reference Number The Unique Taxpayer Reference (UTR) is a UK tax identification number, issued by the HMRC to identify a person or business entity, this identification number is needed when you need to complete a tax self-assessment. This will be your number, and this will be referenced on any letters they send…
Read More
De-registering for VAT
De-registering for VAT When you want to de-register from VAT there is a certain criterion that you must meet: You will need to go to your VAT account on the government gateway and make the application, if you do this online then you will automatically see that this has been submitted successfully. Any messages relating…
Read More
Spring Tax Update
Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this will be your normal profit plus the portion of the transitional profits you decide to bring into that year. The additional profit could cause a dramatic increase in your student loan…
Read More
Sole Trader or Limited Company
A question I often get asked is which way should I go Sole Trader/Partnership V Limited company and there is no right and wrong answer. Both sole trader and partnerships are unincorporated, so the business information is not held in the public domain. Limited companies have the business information on Companies House, and anyone can…
Read More
Spring Budget 2024 Update
National insurance rates cut again The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut from 10% to 8% from…
Read More