If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...
If you’re a Company investing in Bitcoins or other cryptocurrencies, you should treat the investment like a foreign currency. When you buy them, you should note the sterling value and, at your business year end, convert the value back into sterling. If the value has...
Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0% up to £150,000; 2% on the next £100,000; 5% over £250,000. VAT Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0%...
Many couples are unable to benefit from the Marriage Allowance; AND the maximum benefit is only £252 (2022/23). But it’s simple to calculate and to claim. It is for Married Couples and Civil Partnerships where one is a Basic Rate Taxpayer (taxable income £12,570...
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...
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...
