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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 tax relief on my car if I’m a sole trader?
I use my car for my self-employed business – it cost £5,000*. Can I claim tax relief? Yes - but it's complicated – and it depends on the CO2 emissions of the car. For cars bought after 6th April 2021: Second-hand electric cars, and cars with CO2 emissions over...
What overnight expenses can I claim through my Company while I’m working away?
Generally, if you stay away overnight, you can claim for the actual costs of the accommodation and a meal on top of your mileage. You can also claim Incidental Overnight Expenses (receipts not needed) which are not necessarily business expenses but include items such...
How does being married affect Capital Gains Tax (CGT)
When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...
Should I charge VAT on recharged expenses?
As a VAT registered IT consultant, I invoice an Agency for my time and I occasionally recharge expenses for travel and accommodation. My Agency refuses to pay the VAT on these recharged expenses – saying they are a ‘disbursement’ and VAT shouldn’t be applied. I’m out...
What is s.455 tax on overdrawn Director’s Loan accounts?
This tax is the result of an overdrawn Director’s Loan Account (DLA). Here is a brief explanation of how they can arise; the implications, and what to do. An overdrawn Director’s Loan Account (DLA) can often arise accidentally when a Director/shareholder takes money...
Starting a business checklist – 20 things to consider
When starting a business there are a lot of things to think about and a checklist can be useful. The checklist below is not exhaustive but it does include tasks that are sometimes overlooked by people starting out in business. It is always worth talking to an...
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...
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 repairs can be claimed against rental income in a Buy-to-let property?
This is a common issue when calculating net rental property income and you should really seek advice. It depends on what the expenses were and when they were incurred. You can claim for maintenance and repairs/renewals. Repairing or replacing should be ‘like-for-like’...
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...
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