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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.

Can I get tax relief on a garden office?

An office in your garden – even if it is movable – counts as property and not plant and machinery.  So you cannot claim Capital Allowances (and reduce Corporation Tax or Income Tax) on the cost of the building itself. However, you could potentially claim Capital...

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What is a Qualifying Year for state pension purposes?

To get the maximum Basic State Pension, you must have 35 qualifying years (which means you must have made National Insurance contributions for 35 years). For the current tax year – 2022/23 – this would mean a salary of more than £6,396.  Above this figure, you start...

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Can I claim expenses for working from home for my business

Yes, business owners can claim the expense of using their home as an office, (as a business expense), based on the portion of rent, mortgage interest, council tax, water, fuel etc. used while working on the business at home. There are 2 ways to calculate this: Weekly...

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What is Salary Sacrifice and why do people do it?

‘Salary Sacrifice’ is a mechanism where a formal agreement is made jointly by an employer and employee, to reduce an employee’s salary in return for some other benefit.  The point of this arrangement is generally to save National Insurance – and this saving can then...

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What do I have to do to take on an employee?

If you take on an employee you will have to consider: Employer’s National Insurance, Employers Liability Insurance, Statutory Holidays, Auto Enrolment etc. If you hire a self-employed worker it could be more beneficial because you will have significantly fewer legal...

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Do I need CIS if I employ a friend?

The wide range of work covered by the Construction Industry Scheme (CIS) includes things like installing conservatories. The rules say, if you pay your friends as employees, (deducting PAYE and National Insurance) you don’t need to register for the CIS scheme. But, if...

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What are Payments on account?

If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...

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What are the benefits in being VAT registered?

There are generally two reasons to register for VAT:  Compulsory: When your sales exceed £85,000 in a 12 month period. Voluntary: If registering your business for VAT will be a benefit to you (the benefit is that you can reclaim VAT paid on supplies and expenses). If...

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Can I claim my new computer as a business expense?

If you buy a computer and use it in your business, it is the norm that the cost is at least partly tax deductible. Sole Traders / Partnerships.  If the computer is purchased for part business/part private, then the business portion of the cost can be claimed.  VAT...

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We are very happy to meet you to discuss your business or even your idea for a business. We will advise you on the most tax efficient structure if you are setting up and we can review your business if you are already trading.

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