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...
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...
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...
The wide range of work covered by the Construction Industry Scheme (CIS) includes things like installing conservatories. The rules say, if you pay your friends as employees, (deducting PAYE and National Insurance) you don’t need to register for the CIS scheme. But, if...
