August Key Dates
View our guide to the key dates for businesses in August
Holiday lettings – Different lets, different tax rules
From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional buy-to-lets. Buy-to-let Under a traditional buy-to-let, a landlord will let the property to the same tenant or tenants on a long-term basis. Lets are traditionally for a...
How to enjoy savings income tax-free
As every penny counts more than ever now, there are various ways you can enjoy income, or basically the interest earned, on your savings without paying any tax. Obviously this depends on the nature of the savings and any other earnings and taxes paid, below are a few ways you can...
Is paying mileage allowances at the approved rate still a good idea?
As a petition builds momentum regarding an increase to the HMRC mileage rate, we thought it was worth looking further into this. Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed...
July key dates
View our guide to the key dates for businesses in July
High Income Child Benefit Charge – not just for higher rate taxpayers
The High Income Child Benefit Charge (HICBC) is a tax charge that claws back payments of child benefit where the recipient or the recipient’s partner has income of at least £50,000 per year. Where both the recipient and their partner have income of this level, the charge is levied on the...
Relief for homeworking expenses post Covid-19
The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to home working, post pandemic, many employees have continued to work from home some or all of the time. Due to this the Government have brought in some changes to...
Removal of the P11D Form
HMRC have decommissioned the online end of year expenses and benefits service from April 2022 and the P11D and P11D(b) forms are no longer available. There is now only two ways for employers of any size to report and submit details of expenses and benefits for the tax year ending 5...
Relief for pre-trading expenses
When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for these? Relief is available for unincorporated businesses for income tax purposes and also for companies for corporation tax purposes. Typically, you need...
National Insurance changes from July 2022.
This year, although the National Insurance rates and thresholds for 2022/23 had already been set, in the March Spring Statement the Chancellor announced increases in the primary threshold which would align the starting point for National Insurance with the personal allowance from 6 July 2022. However, as the increase does not...