Many buy-to-let landlords aren’t aware of the new Capital Gains Tax (CGT) rules which will apply from April 2020. Are you? Your lack of knowledge could get very expensive because of the fines and penalties which will be charged. Less time Put ... [Continue Reading]
Plan now for NMW increases
The National Living Wage (NLW) and National Minimum Wage (NMW) are set to rise substantially from April 2020. This could mean careful planning and thought for employers so Plan now. You have around three months to decide how to deal with the ... [Continue Reading]
Pre-start up expenses
Your plan is to start a business. So, you start preparing by buying tools, equipment and stock before the business actually starts. These are usually known as pre-start up expenses. You may have a hobby which you realise you can turn into a business. ... [Continue Reading]
Mortgages if you run your own business
Running your own business, whether self-employed, as a partnership or through a limited company seems to cause problems when it comes to obtaining a mortgage. This is particularly relevant to anyone who hasn’t been in business for a long time and ... [Continue Reading]
Company cars – electric and hybrid
Company car tax charges are changing from April 2020. It’s definitely worth looking at the new rules and possibly delaying a vehicle change until April. Any car powered wholly by electricity will have a zero tax charge from April 2020. That’s a ... [Continue Reading]
Business property relief
Business property relief is an important and valuable Inheritance tax relief that can reduce the value of relevant business property when it is transferred either in life or death. It was introduced in 1976 in response to the growing number of ... [Continue Reading]
Flat Rate VAT
Which is best – Standard VAT or Flat Rate VAT (FRS)? Simple, but not very helpful, answer is, “It depends” How do the two schemes work? With standard VAT, you charge VAT on your sales and pay this over to HMRC. Before paying the money to ... [Continue Reading]
Trivial Benefits Recap
This is just a quick video reminder of the Trivial Benefits rules. A Trivial Benefit is something an employer can give to an employee without it being taxable on the employee. It is important to get this right - but it can be a useful and ... [Continue Reading]
Tax in song
There are loads of songs about love and relationships but relatively few about the relationship we love to hate – tax. We had a think and came up with these happy ditties. Please let us know if you can think of any others. “Taxman” - The ... [Continue Reading]
Landlords and Tax – HMRC join the dots..
Landlords are seen as a lucrative source of underpaid tax because of the data now available to HMRC. HMRC’s “Connect” system has been in operation since 2017 checking data from various government and local authority databases. By cross referencing ... [Continue Reading]
