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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.
Should you buy a car via HP or lease a car?
Most importantly, it depends on the deal. So, get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
Car expenses: Sole Trader vs Limited Company
When you are a Limited Company or a Sole-Trader or Partnership, most expenses are very similar in terms of tax relief. But, there is one area where there are differences – car expenses. A Sole-Trader would generally claim...
Can paying dividends reduce your Company’s tax bill?
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) - and...
HMRC Buy to Let Amnesty
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to...
What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What expenses can be claimed against rental income?
Common expenses that can be claimed against rental income are: mortgage interest - even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including...
What happens if I exceed the annual pension allowance?
The general rule is: For pension contributions, there is an Annual Allowance (of £40,000 for 2020/21) which is the maximum one can pay into a pension scheme in a tax year. If you (or your employer) don't use all of the Annual Allowance, then you can carry forward...
What is a Confirmation Statement?
A Confirmation Statement is a document that Limited Companies must file at Companies House each year – generally online using the ‘authentication code’. It replaced the old Annual Return in 2016. It confirms if the statutory information is the same, or if there are...
Can I give my house to my children to save IHT and avoid nursing home costs?
There are potential problems – so do speak to a financial advisor. Inheritance Tax (IHT) Genuinely giving the house to your children, or selling it and giving them the cash, means that if you live on for 7 years, it will not be counted as part of your Estate for IHT....
Tax Relief on Pensions
There are a few issues that we regularly see around the subject of tax on pensions: Employees earning over £50,270 (the Higher Rate Tax threshold for 2022/23), sometimes think they will automatically obtain tax relief on their contributions when they pay into a...
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