Most expenses incurred by business are written off during the year, but some relate to assets that are used for several years, for example, vehicles and computers. Because they last for several years, you can allocate a portion of the cost to each annual set...
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 7.5% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
If you are a buy to let landlord the let property mortgage interest relief is not tax deductible. Instead, a 20% tax credit is given that reduces the tax payable – but the calculation of this tax credit is not necessarily straightforward. On the other hand, Limited...
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...
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 8.75% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
Over the last year or two, and partly to remove some taxpayers from the Tax Return system (because they cost more for HMRC to administer than they pay in tax), certain types of income are not taxable up to a certain level. So I thought it would be a good time to list...
