The tax timetable for electric cars

Electric cars were not Tax efficient but they will be! For a couple of years I have been saying that electric cars for Company owners are tax efficient with 100% write-off against profits in the year of purchase, and low benefits-in-kind on the director/employee....

Transferring a business to a Limited Company

Transferring from a sole-trader or partnership, to a Limited Company is sometimes recommended by accountants for tax planning reasons or to benefit from Limited Liability and they will consider the following issues. When: Work out which side of a tax year end to...

Entrepreneurs’ Relief, What is it? And has it changed recently?

Entrepreneurs’ Relief is a reduced rate of Capital Gains Tax that applies when ones sells certain business assets; or all/part of a business; or more than 5% of shares in a small company in which you work or hold office.  It does not apply to non-business assets such...

Common mistakes made in Self-Assessment Tax Returns

First of all I would say read the guidance notes – and if you still need help, see an accountant.  Under-declaring income can cost you penalties and interest! Here are some mistakes I have seen. Buy-to-let property – Anyone who sells an investment property, and...

How much can I earn before paying income tax?

Every person who is resident in the UK is given a personal allowance each tax year. It operates as follows: The personal allowance is the amount of income you can receive before paying tax – and it generally increases each tax year.  For the 2019/20 tax year, it is...