Tax

Recently added Tips & Advice

EXPENSES - 08.07.2024

Benchmark subsistence rates - are they worth it?

As an employer you don’t want to waste valuable time on avoidable admin tasks such as processing scores of expenses claims for employees’ subsistence claims. Might benchmark rates be a viable alternative?
Read more

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?
Read more

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?
Read more

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. ...
Read more

CHILDREN - STATE BENEFITS - 08.07.2024

Help with childcare for working parents

As a working parent you probably struggle to balance the needs of your job with those of your children, especially during the long summer holiday. This also poses a problem for employers. How can government childcare schemes help?
Read more

CHILD BENEFIT - 08.07.2024

Extend your child benefit claim

Letters from HMRC. In July HMRC is writing to nearly 1.5 million parents reminding them that child benefit will automatically stop on 31 August for any of their children who have reached 16 by that date. However, the benefit can be extended if your child continues in full-time education where you renew your claim. The easiest way to do this is on the GOV.UK site or through HMRC’s app, which can be downloaded for Android and Apple devices. Alternatively, you can renew your claim by writing to or phoning HMRC (see The next step ). ...
Read more
Tax

Most read Tips & Advice

CONSTRUCTION INDUSTRY SCHEME - 17.04.2024

No more CIS tax refunds

It pays not to talk. HMRC seems hell bent on ditching access to its services by phone. In the last couple of years contacting HMRC by phone for most tax issues has been increasingly limited. The latest victims of the HMRC cutbacks are companies who want to claim a refund of deductions made under the construction industry scheme (CIS). ...
Read more

TRAVEL - 30.04.2024

The latest on home-to-work travel

HMRC has changed its guidance on home-to-work travel costs where an employee’s home is their workplace. How might this affect your right to tax relief?
Read more

PROFIT EXTRACTION - 17.04.2024

Can dividends ever be paid from loss-making company?

Dividends are generally the most tax-efficient form of income you can take from your company but they can only be paid out of profits. Despite this, might there be a way for your loss-making company to pay you a dividend?
Read more

See my Tips & Advice in ...


Enjoy full access to my Tips & Advice

Download the App

Cookie policy