Category: Tax

MTD Has Been Delayed By 1 year For Some SMEs

12 Month Delay In the Spring Budget this year, Hammond said, that unincorporated businesses with a turnover below the VAT registration threshold would be allowed to delay the introduction of quarterly reporting by one year – “This will provide them with more time to prepare for digital record keeping and quarterly updates.” Furthermore – following…

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Planning for nursing homes & Inheritance tax planning

The average cost for a nursing home is now £41,000 a year. Funding is available from the local authority but only if the assets of the elderly person are less than £23,250. If their assets are between £23,250 and £14,350 they will have to be means tested. Some people choose to give their assets to…

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Tax Year End Tips & Advice On How To Save Tax

Advice for Small Business LeeP Clients for the end of the Tax Year The end of the tax year is the 5th April 2017 and everything is pretty much done and dusted right? Wrong – this time of year means a lot of things for small businesses. It’s not only time to start thinking about…

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Handy Guide to Allowable Business Expenses for Soletraders

Most people will know that certain costs can be expensed against your sole-trading revenue or income to reduce taxable profits and ultimately reduce your tax liability and help you save tax. Here is a helpful guide to allowable business expenses that HMRC will normally allow. The Inspector of Taxes (HMRC) will allow revenue expenditure as…

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Earn £7,500 tax free – Rent a room Relief

If you have a spare room in your home (applies to tenants also) and you don’t mind living with someone who is not family (of course, you can vet them first!) then you could be earning up to £7,500 completely tax free. The government Rent a Room Scheme lets you earn up to a threshold of £7,500…

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Small business owner?

The new Making Tax Digital requirements impacts YOU What is Making Tax Digital? Making Tax Digital is a government initiative that sets out a bold vision for ‘a transformed tax system and the end of the tax return’ Making Tax Digital is all about making tax administration more effective, more efficient and easier for taxpayers,…

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