This is a question we here at LeeP Accountants get asked frequently – here are some myth busters: Many people think that if it’s not a lot of rental income then they don’t need to declare it…. some even think that as long as it’s under £2,500 per year then HMRC are not interested…. WRONG!…
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Here are LeeP we often get asked questions about the Construction Industry Scheme and there is often confusion about whether clients need to be registered. Essentially, like PAYE, the Construction Industry Scheme (CIS) is a special tax at source for those working in the construction industry. Businesses & soletraders in the construction industry are known…
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A commonly misconstrued belief is that once you reach pensionable age and can draw a pension, state or private, that you no longer have to pay any tax… this is completely untrue. Some people also believe that only Private pensions are taxed and state pensions are tax-free… again, a fallacy.
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If you can demonstrate a need for a van for your business, then this could be a really tax efficient way to acquire a van and use it for your biking enjoyment too but there are a few things to watch out for to ensure you are on the right side of the tax man:…
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