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Property ownership The way in which jointly held property is owned has tax implications. It will also determine what happens when one of the co-owners passes away.   Joint tenants Where a property is owned as joint tenants, the owners together own all the property equally; together they own the whole rather than each owning…

From January 2024 digital platforms like eBay, Vinted, Etsy and Airbnb will have to collect seller data and send onto HMRC.   Do you sell items on these digital platforms? If you are one of the many who sell on digital platforms such as eBay, Vinted, Airbnb and Etsy then be warned that from 1…

‘Sole Trader V Limited Company – Which is better for me?’   Minimising the tax paid on profits is a key aim of most SME businesses. The tax benefits of trading through a limited company, as compared to operating as a sole trader or partnership, were attractive as profits grow.   However with the increase…

Let’s discuss the cost to employers of the minimum wage rise April 2024.   During the last Tory Party conference, Prime Minister Rishi Sunak pledged that April 2024 would see the minimum wage increase to at least £11.00 per hour. The actual figure, announced on November 21st, is higher than expected, rising to £11.44 per…

Don’t forget the 30 December Self Assessment Deadline!   If you want HMRC to automatically collect tax you owe from your wages and pension you need to submit your tax return online by 30 December and if so you are able to pay your Self Assessment bill through your PAYE tax code as long as all these apply:  …

Autumn Statement: The Follow Up   The Chancellor used his 2023 Autumn Statement to ‘go for growth’.  He has used increased tax receipts from better-than-expected economic performance to fund a headline-grabbing 110 growth-promoting measures.  Highlights include making permanent the ‘full expensing’ capital allowance, R&D tax credit reforms and business rates support for small businesses.  …

Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…

Individuals building their own home can submit their DIY housebuilders VAT refund claim digitally from 5 December 2023. The time limit for such a claim will also been extended to six months after completion of the build.   The VAT DIY housebuilders scheme gives DIY homebuilders the ability to reclaim the VAT they pay on building materials…

With the reduction in employees National Insurance (NI) through the Autumn Statement, to 10% and the drop in the dividend allowance to only £500 from April 2024. Alongside the previously announced rise in Corporation Tax rates. The question directors will ask again is, am I better paying myself a higher salary rather than dividends?  …

We all saw the Autumn Statement on 22 November, but the question is, what’s in it for businesses?   This years three words were unsurprisingly Reduce, Cut and Reward, so with inflation reduced, taxes have been cut and there are rewards to hard work.     National Insurance The biggest headlines relate to National Insurance…