If you own a second home, such as a holiday cottage, a buy-to-let property, or an inherited house, you may have to pay capital gains tax (CGT) when you sell it. CGT is a tax on the profit you make when you sell an asset that has increased in value. The current CGT rates for…
Read MoreHow to Plan better for your tax bill
We’ve all been there… As business owners, we generally pay our taxes AFTER we’ve made the money which in most cases is up to a year after the event! Who remembers how much they’ve made a WHOLE YEAR LATER? I mean, I can’t even remember what I had for breakfast let alone how much tax…
Read MoreCan I split my business to avoid registering for VAT?
If you are a trader who is close to or above the VAT registration threshold (which is currently £85,000 on a rolling 12 month basis), you might be tempted to split your trade into two smaller businesses, or even been told by friends “in the know” to do this to avoid charging VAT to your…
Read MoreSave £252 a year with Marriage allowance
Marriage allowance is a tax benefit that allows you to transfer some of your personal allowance to your spouse or civil partner if they earn more than you. Your personal allowance is the amount of income you can earn tax-free each tax year. By transferring some of your personal allowance, you can reduce your partner’s…
Read MoreThe Need-To-Know for your 2022-23 tax return
If you are a UK taxpayer who needs to file a Self Assessment tax return, you might be wondering when the deadline is and what happens if you miss it. In this blog post, we will answer these questions and provide some tips on how to avoid penalties and reduce your tax bill. What is…
Read MoreHow to put my Michael Kors Handbag through the business…
I recently had a meeting with a client with an attractive designer laptop bag/handbag which got me thinking…..would it be an eligible business expense? If you run your own business you might be wondering if you can claim the cost of a handbag as a tax deduction for your business. After all, you need a…
Read More