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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 we set up our family business as a Partnership?
There are many reasons for not choosing a Partnership in your position, for instance: They are generally less tax efficient than Limited Companies; Partners must pay Class 4 National Insurance; All Partners are jointly responsible for all debts; Partnerships can...
what to do when buying a franchise?
Talk the franchise proposition through with an accountant. If you still think it is a good proposition, decide on the business structure (e.g. Limited Company), bookkeeping records and VAT registration, as with any business. Franchisees often pay a large lump sum for...
When should I cancel my child benefit?
If you are very sure that your taxable income (after personal pension contributions and charitable donations) will exceed £60,000 in the current tax year, then you should probably opt out of the Child Benefit system. If you think there is a chance your taxable income...
Will I pay Capital Gains Tax on my house if I work from home?
This is a question that crops up now and again from clients who perform some of their business activities at home. Generally speaking, if the room used for the business is also sometimes used as part of the home (e.g. as a guest room, or for watching...
What you should consider when charging VAT to an overseas client
Charging VAT or not depends on various things: Are you invoicing for goods or for services? Where is your customer based? UK, EU, outside the EU? Is your customer a business or a consumer? The answers will dictate whether your sale is: Standard rated (i.e. 20% VAT...
Non Tax Deductible Expenses
There are some common expenses that business owners mistakenly try to claim for but which aren’t actually tax deductible. The most common ones claimed in error are: clothing - which is only acceptable in very specific...
What is the 24 month rule when working overseas
The basic 24 month rule applies – if you are an employee or director and work, or know you will work, at a temporary workplace for 40% plus of your working hours for over 24 months - you are caught by the ‘24 month rule’ and can no longer get tax relief on related...
I drive a Company van. Will I get taxed as though it’s a Company car?
It depends. If your employer or your own Limited Company provides you with a van, HMRC usually assume it will also be used for personal journeys. They will tax you personally on £3,600 (2022/23) for use of the van as a ‘benefit in kind’ (and a form P11D will need...
Can I claim Statutory Maternity Pay if I’m a director?
You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 15 weeks before the due date). You...
Can child benefit be taken back by HMRC
Any household where a parent or their partner has an individual income of more than £50,000 will see some of their child benefit clawed back due to the High Income Child Benefit charge (assuming they claim the benefit). If you have chosen to continue receiving child...
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