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Monthly Tax Q&A
How Much Tax Will I Pay on Redundancy Settlement of £32,450?
Q. I’ve just been told I’m being made redundant by my employer, but they have agreed to a significant settlement agreement. My employment will continue for
How Salary Increases Impact Statutory Maternity Pay and Other Child-Related Benefits?
Q. When we have an employee on maternity leave (receiving SMP), we know when she receives a salary increase that we must go back and recalculate
How Should I Record a £50 ‘thank you’ Payment in my Accounts?
A school has asked our company if we could take a child for work experience for two weeks and we accepted. I would like to
How Should I Report Employee Benefits to HMRC?
Q: I’m going to be introducing benefits to employees of my business for the first time, including gym membership and private medical insurance. I believe I
How Should I Save and Plan for Tax When Going Freelance?
Q: I’m thinking of going freelance but am unsure of how to account and save for any tax I might have to pay. Can you give
How to Calculate VAT-Inclusive Prices and Net/Gross Amounts for a Business?
Q. I will have to Register my Business for VAT Soon, but I‘m Confused as How to Work Out Net and Gross Amounts, When the
How to File Taxes for Freelance Income While Employed?
Q: My husband has been in full-time employment for many years and hasn’t had to deal with Self-Assessment Tax Returns until now. Recently, he started doing
How to Get Your 18-Digit Reference Number for NIC Record Top-up Online?
Q. I want to Top Up my NIC Record by Paying to Complete Seven Tax Years. To Pay Online I Need an 18-Digit Reference Number
How to Handle Sales Income for a Sole-Trader Business that Ceased After the Owner’s Death?
Q. My Father Died Suddenly So his Sole-Trader Business Ceased at that Point. I am the Executor of his Will and I Appointed a Solicitor
How to Increase Your Tax-Free Personal Allowance
Q: My income is close to hitting the tax-free personal allowance. Is there any way to increase it? A: With the personal allowance threshold remaining frozen,
How to Minimise Capital Gains and Protect my Father’s Home from Care Costs?
Q.3 How Best to Minimise Capital Gains and Protect my Father’s Home from Care Costs? I moved into my father’s home in the Midlands circa
How Will 2025 Changes Affect My Tax Status?
Q: I’m a long-term non-domiciled resident in the UK – how will the 2025 changes impact my tax status? A: Firstly, you’re right to say there are
How Will a £95,000 Income and Bonus Affect My Tax and Higher Tax Bands?
Q:I earn £62,000 and have been offered a bonus that would increase my total income to £95,000. How will this affect my tax, and are
How Will BiK Reporting Changes Affect Small Businesses?
Q: I’m in the process of starting a new business and want to ensure I’m fully prepared for upcoming compliance changes. I’m aware requirements for reporting
How will Budget 2024 Changes Impact Tax on Carried Interest?
Q: I’m an investment manager and part of my compensation comes from carried interest. I’ve heard about changes announced in the Autumn Budget 2024. What do
How Will Upcoming Tax Changes Affect the Sale of My Business?
Q: I’m thinking about selling my business, which I’ve owned for five years. How will the upcoming tax changes affect me? A: You’re right to
I want to pay for my employees to be screened regularly for COVID-19. Is this a taxable benefit or is it exempt?
Question: I want to pay for my employees to be screened regularly for COVID-19. Is this a taxable benefit or is it exempt? Answer:
I’m converting a non-residential property into my new home. I’ve heard that I may be able to use the DIY Housebuilder Scheme but am unsure what it is. Can you explain?
Q: I’m converting a non-residential property into my new home. I’ve heard that I may be able to use the DIY Housebuilder Scheme but am
I’m in receipt of an NHS pension, contribute to a private pension and think I’ve become a higher rate taxpayer. I’ve never done a tax return before – how do I claim the tax relief please?
Q: I’m in receipt of an NHS pension, contribute to a private pension and think I’ve become a higher rate taxpayer. I’ve never done a
I’ve received a letter from HMRC stating I have a drop in my tax-free allowance, so my tax code will change from April. My salary has not increased this past tax year, so why the change?
Q: I’ve received a letter from HMRC stating I have a drop in my tax-free allowance, so my tax code will change from April. My