Year-end tax planning tips?How to reduce your tax bill. As the end of the 2023/24 tax year approaches, it is prudent to review your tax affairs and consider whether you can reduce your tax bill by taking advantage of allowances and exemptions that would otherwise be wasted. Key dates For individuals, the 2023/24 tax year […]
Year-end planning tips? How to reduce your tax bill. Read More »
Extracting profits from your company.Is your strategy tax efficient? If you operate your business as a personal or family company, you will need to extract profits if you want to use them to meet personal expenditure. This update considers some of the various ways in which this can be done. And in particular, if you
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Christmas parties and gifts. How to keep them tax-free Many employers hold a staff Christmas party and/or give their staff a Christmas gift. By taking advantage of the available exemptions, it is possible to prevent an unwanted tax liability from arising. Key dates Where the exemptions do not apply and a taxable benefit arises in
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Electric company cars – reimbursed domestic electricity costs HMRC have recently changed their policy allowing employers to reimburse the cost of electricity used in charging an electric company car at home tax free. This further increases the attractiveness of electric company cars as a tax-efficient benefit. Key dates HMRC announced this change of policy on
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Do you need to pay additional contributions by 5 April 2025? Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have a limited window in which to take advantage
Voluntary National Insurance contributions – Updated Read More »
Coping with inflation, recession, and other financial challenges This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges. The challenges for business owners The combination of rising energy bills, high inflation, recession and climbing interest rates sets a grim stage for 2023-24. All
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If you have one or more spare rooms in your home, you may consider renting them out to generate additional income. If you let a furnished room in your home, you can take advantage of the rent-a-room scheme to earn up to £7,500 tax-free each year. The rent-a-room scheme does not apply where a room
Tax free income from letting a room in your house? Read More »
Business Tax Review 2022-23 THE BASICS: Whether you are self-employed or have your own company your periodic business tax payments will always be based on yearly trading profits and other chargeable gains made in the same period. If you run your business through a company, corporation tax is payable on adjusted business profits (after allowances
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Now that everyone has had time to start absorbing the details of last month’s announcements, we can begin to consider what the impact will be and what if any actions are required to minimise the effect on businesses and families.The overall impact of the proposals will be an increase in the tax burden as a
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The Chancellor, Jeremy Hunt, presented his first Autumn Statement against a challenging UK and global economic backdrop. He set out three priorities for the Government, namely stability, growth and public services, and outlined the steps to the achieve these, including a number of tax measures designed to contribute to repair of public finances. Key dates
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