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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 claim a tax refund if I set a loss from self employment against my employment income?
This article explains how to set a trading loss against employed income.
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...
Should you run a second business through your existing Limited Company?
The answer is yes - if: Customers are similar It’s simply an experiment There are no VAT implications; Admin & time is minimal (bookkeeping, insurance etc.) There are no unfair outcomes for shareholders. The answer could be no if: Your current Company is VAT...
Can I give shares in my Company to my children?
If your child is under 18, then your dividends would still need to be shown on your tax return (a law called s.660b). Also, any transfers of shares to a connected person – apart from a spouse – would mean that the shares must be valued at market value and Capital...
What is the Tenancy Deposit Scheme (TDS)?
This is a government-backed scheme that protects a tenant and the deposit they initially put down when entering into a new tenancy agreement. This amount is decided by the landlord and is typically in proportion to the monthly rent up to a maximum of 5 weeks’ rent (or...
What Are Benefits in Kind?
Benefits in Kind (BIKs) happen when an employer pays for something on behalf of the employee which is not repaid. BIKs tend to cover personal expenditure - commonly private medical/dental cover, personal use of company cars/vans and fuel benefits etc. The BIK is...
What expenses can I claim against my rental property?
This is a list of tax deductible expenses that you can claim against your rental property income. Mortgage interest is claimable in full but there are special rules regarding tax relief Management charges/commission to letting agencies Property repairs – but not...
What is a Shareholders’ Agreement and when is one needed?
A Shareholders’ Agreement is a private agreement – generally drawn up by a lawyer - between some or all of the shareholders of a Company. It documents information about the relationship between the shareholders; what will happen in certain eventualities (e.g....
The tax timetable for electric cars
Because of quite large tax advantages compared to diesel and petrol cars, a lot more electric cars are being bought by companies for their director/shareholders. One advantage, in particular, is the low benefit-in-kind tax charge that applies to electric cars. For...
Tax rules for Christmas parties
It’s that time of year when most employers arrange a Christmas Party for their staff. The rules around tax relief for Christmas parties are fairly generous so long as the party is open to all employees and not just directors/management. Party costs (including travel...
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