Claiming tax relief on business insurance
If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits,
Advising HMRC of change in circumstances
If your personal details or circumstances change, you may need to tell HMRC as this could affect your tax position or entitlement to certain benefits.
You should notify HMRC if you get married or
Self-Employed – Are your business records in order?
As a self-employed individual, whether a sole trader or partner, you must keep accurate records of your business income and expenses to back up your self-assessment tax return. You should also keep
Salaried members of LLPs
Members of a Limited Liability Partnership (LLP) are normally treated as self-employed for tax purposes. However, special rules can apply where a member’s terms of membership are more akin to the
Landlord tax and National Insurance considerations
When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable.
For individuals, the first £1,000 of
Meaning of trade for tax purposes
The meaning of trade for tax purposes, often referred to as HMRC’s “badges of trade” test helps determine whether an activity is a genuine business or simply a personal hobby. While the
Tax and property when you separate or divorce
When a couple separates or divorces, most attention focuses on the emotional and practical aspects. However, it is important to consider the tax implications of transferring assets, as these can have
VCT and EIS changes
The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.
The Venture
Taxable & tax-free state benefits
While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free.
HMRC’s guidance outlines the following list of the most common state benefits
Pay for imports declared via the CDS
If your business imports goods into the UK, it is important to be familiar with the Customs Declaration Service and to ensure that any duty payments are made correctly and on time to avoid delays,
