Employee of the Month – August 2021

It’s time to find out who the Employee of the Month, for the month of August is! Our winner is Georgia! Georgia received the majority of votes from her colleagues this month. She was given some great feedback as to what made her stand out this month. The main reason that Georgia is the August[…]

Accounting for charities & non-profit organisations

Anyone who runs charities knows how it differs from running a business, both in terms of motives and objectives. HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.  If a charity is recognised by the tax authority, it will benefit from certain tax reliefs. This is[…]

Businesses basis period rules in line for reform

Unincorporated businesses could be about to see significant changes to the ways in which they are taxed. This is following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax[…]

Starting a new business after COVID-19

New businesses can still grow and flourish. Not much can stop determined entrepreneurs from building a new business from the ground up. Even during such challenging times as a COVID-19 or its ensuing fallout budding business owners are succeeding. The pandemic has proven a huge challenge for businesses. 396,155 UK firms closed in 2020 according to[…]

Estate Planning: House prices raise inheritance tax risk

Inheritance tax is usually charged at 40% on the value of your estate over the £325,000 nil-rate band. This includes your property, money and possessions. There’s an additional allowance of up to £175,000 if you pass on your family home to children or grandchildren.  If you’re married, you can effectively combine your thresholds and transfer[…]

Company Car: The pros & cons of an electric car.

Despite the potentially high personal taxable benefit, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer. Those employers familiar with the benefit-in-kind tax rules will be aware the tax impact on the employee is much lower for those that choose an electric vehicle, rather[…]

Tax planning for a residential landlord.

After a challenging year as a UK residential landlord, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for a residential landlord have declined. A two-year fixed-rate buy-to-let mortgage fell 0.10 percentage points to 2.95%. A five-year fixed[…]

Allowable Expenses – The costs you can reclaim.

If you’re self-employed, there are various costs which you are able to deduct as allowable expenses for your business in 2021/2022. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.  If your business has turnover of £50,000 in[…]