Class 2 NICs are flat-rate contributions payable by the self-employed, currently charged at a rate of £3.45 a week. Non-payment (or credit) could mean entitlement
Class 2 National Insurance Voluntary Contributions Are No More Read More »
The potential to be charged capital gains tax (CGT) arises with the sale or gift of an asset. Deferral of the charge is possible with
Deferring Capital Gains Tax on A Business Asset Read More »
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
Enjoy £7,500 of Tax-Free Income Under the Rent-A-Room Scheme Read More »
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
Business Use of Home – Beware the Lower CGT Annual Exempt Amount Read More »
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
Tax Relief for Unpaid Rent Read More »
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
Preserving the Personal Allowance Read More »
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
Giving Away Money Free of IHT Read More »
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we
Beware the New VAT Late Submission Penalties Read More »
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the
Have You Declared Your Dividends Correctly? Read More »
Employees often need to incur expenses when undertaking their jobs. The nature of the expense may vary depending on the job, but typical expenses include
Utilise The Deduction For Paid and Reimbursed Expenses Read More »
