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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 expenses for working from home for my business?
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...
How to register for CIS (the Construction Industry Scheme)?
The Construction Industry Scheme is a scheme that applies to payments to self-employed workers and businesses in the Construction Industry. Under the scheme tax is deducted from payments and paid over to HMRC. There are two...
VAT reverse charge for building and construction services
On 1st March 2021, the VAT reverse charge for building and construction services came into effect for VAT registered businesses in the Construction Industry Scheme. In a nutshell, from 1st March 2021, the reverse charge means that a subcontractor in the CIS scheme...
What is the 24 month rule for travel expenses?
When an employee or director travels to a temporary place of employment, from their permanent place of employment (usually the home address for Personal Service Companies), then they can claim tax relief on relating travel & subsistence expenses. However, if/when...
What shares should I issue when forming a new company?
Issuing large numbers of shares creates a debt to the Company and can remove the benefits of limited liability. When a Company goes into liquidation, shareholders can lose the value of their shares because they might have to pay the share capital personally to...
What are the tax savings of an electric car?
Tax on electric cars Since April 2020, electric cars have become very tax efficient. For example: Buying an Electric Car (as Company car) If you take £30,000 profit from a company to buy an electric car: Car cost = £30,000. Corporation tax = £0; Income tax:...
Do I need to pay tax on rental income?
If you have net rental income on which you'll have tax to pay, (rent minus expenses) then you must register for a Self- Assessment tax return and keep a record of your rental income and ‘allowable’ expenses (you can find out what they are here...
Can I claim Flat Rate Expenses when working abroad?
The normal way to claim expenses when overseas is to record your actual travelling expenses (including flights, taxis, accommodation and meals). You have to be disciplined and convert any foreign currency payments into Sterling for the actual transaction date....
Should I set up as a Sole Trader for my new business?
Not necessarily, a Limited Company can result in you paying less tax and - while a Company owner might lose their business - a Sole Trader (self-employed) can lose personal assets as well! See video. If profits are below about £12,570, acting as a Sole Trader makes...
What expenses are not deductible for tax purposes?
Here is a list of certain expenses that aren’t tax deductible – but which regularly get claimed, or questioned, by clients: Clothing Unless it’s protective clothing, or a uniform, clothing is not tax deductible. Spectacles Eye tests are claimable for workers using...
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