NATIONAL INSURANCE - 08.07.2024
HMRC unable to solve Class 2 NI problem
Class 2 refunds. HMRC has issued a warning for anyone who paid voluntary Class 2 NI contributions through their 2022/23 self-assessment and has subsequently received a refund or credit from HMRC. This may have happened if you submitted your 2022/23 tax return before 31 January 2024. You would have paid Class 2 voluntary contributions if your business profit for 2022/23 was less than the small profits threshold of £6,725, and you indicated you wanted to pay them in the self-employed pages of your tax return. ...
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PROPERTY - 08.07.2024
Improvement and finance losses and how to claim them
You’re making substantial repairs and improvements to your buy-to-let property. You’ve borrowed from the bank to finance the repairs and these loans will wipe out the profit for a few years. What tax relief are you entitled to and how can you claim it?
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PROFIT EXTRACTION - 08.07.2024
Tax and NI planning for multiple directorships
You’re a shareholder and director of three companies. You currently take a low salary from each company topped up with dividends. But is this really the most tax-efficient option?
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HOMEWORKING - 01.07.2024
Creating a home office tax efficiently
You want to erect a cabin in your garden to use as a home office. You and your family will also use it for private purposes. Will it be more tax efficient for you or your company to pay for it?
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MAKING TAX DIGITAL - 01.07.2024
MTD for Income Tax Self-Assessment - what’s the latest?
In February 2024 important amendments to the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) rules became law. How will the changes affect your business when MTD ITSA becomes mandatory?
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CARS - 01.07.2024
Reduce company car tax with capital contribution
It’s time to replace your company car. A friend says that if you make a personal contribution to the cost it will be more tax efficient. The trouble is, you don’t have the cash for this. Is there still a way to achieve the tax saving?
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