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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.
Directors Loan Accounts – what happens when you borrow money from your Company Account.
Many director/shareholders borrow money from their Companies but, as long as they pay it back within 9 months of the following accounting year end date, there are no great tax implications. If it is not paid back by that deadline, a law called s.455, says the Company...
VAT rates in the construction industry (0%, 5%, 20%)
There are occasions when plumbers – and, indeed, anyone in construction can charge VAT at 5%. But what are the rules? Standard rate of VAT – 20% Generally, plumbers charge VAT at 20% on: Most domestic repair and maintenance work Work to newly-built structures that...
What happens if I exceed the annual pension allowance?
The general rule is: For pension contributions, there is an Annual Allowance (of £60,000 for 2024/25) 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...
Do you need to submit a Tax Return?
You need to submit an Income Tax return (for 2024/25) if HMRC send you a Tax Return to complete, or if any of the following apply and you owe income tax or capital gains tax: Your income from self-employment exceeded £1,000; You are a Partner in a business...
Are alphabet shares safe and legal?
Alphabet shares is a term used to describe a company issuing different share classes with different rights. One reason for this might to pay dividends in a different proportion to voting shares and has historically been used for tax planning. They are not illegal,...
Common mistakes made in Self-Assessment Tax Returns
Common errors and information that people forget to include on their Self-Assessment Tax Returns
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...
Changes to Furnished Holiday Lets in 2025
Discover tips to enhance your furnished holiday lets profitability in light of the recent changes. Learn strategies and insights.
Can HMRC collect unpaid tax from my salary?
HMRC can collect outstanding tax via an employed tax code after a Self-Employed business fails.
What is Gift Aid?
Tax relief: Gift Aid is a way you can increase the value of a charitable donation - at no extra cost to you. If you pay tax in the UK, a charity can reclaim 25% of your donation from tax you have paid. You should be aware that if you have not paid enough tax to cover...
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