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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.
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...
Do you need to submit a Tax Return?
You need to submit an Income Tax return (for 2023/24) if HMRC send you a Tax Return to complete or, if you know that you have income tax or capital gains tax to pay. However, HMRC have a list of further circumstances where a Tax Return should be prepared, including:...
How to complete a VAT return
Whether you are on the standard or the cash accounting scheme this is how you should complete your VAT return. The only difference is that with the standard scheme you will include all transactions as at their...
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...
What car expenses can I claim for my business?
Find out what car expenses you can claim for your business
What is the difference between Joint Tenants and Tenants in Common?
If you are in a marriage or stable relationship, then buying as Joint Tenants is probably fine. With this method, you own the property jointly, you split income and costs equally and, on the death of one owner, the other owner automatically inherits the deceased...
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