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What business expenses can locum pharmacists claim? If you’re working as a self-employed locum pharmacist and your annual income is more than £1,000, you are required to submit a self-assessment tax return. However, HMRC will allow you to deduct the cost of certain purchases from your profit, thus reducing the amount of tax that you…Read More
A clear and concise Tax Guide 2024/25 In this Tax Guide you will find practical tax tips to guide you through the tax system and help you plan to minimise your liability. This guide is designed to provide you with an overview of the key tax rules from seven perspectives; Please use the guide to…Read More
Our Guide to the abolition of FHL According to the Spring Budget 2024, as of April 2025, owners of furnished holiday lets will lose their entitlement to certain specific tax advantages as the FHL scheme is set to be abolished. These proposed changes seem to be in response to the UK’s housing supply issue, as…Read More
Employers will be required to Payroll Benefits In Kind from April 2026 As part of its wider plans to digitalise the tax system, HM Revenue and Customs (HMRC) has announced that from April 2026, the reporting and paying of income tax and class 1A national insurance contributions on any Benefits In Kind (such as company…Read More
Using your private car for work If you’re self employed and use your private car for work, there are a number of allowable expenses that you can claim in order to reduce your tax liability. To help quantify business versus personal use, it’s advisable to keep a record of any business related travel. Your accountant…Read More
Claim allowable business expenses to reduce your tax liability If you’re self employed and your annual income is more than £1,000, you must pay income tax via self-assessment. However, HMRC will allow you to deduct the cost of certain purchases from your profit, thus reducing the amount of tax that you owe. To avoid paying…Read More
Our tips to help you to prepare for your Year End Accounts This article will provide you with an overview of the information that you should provide to your accountant so that they can prepare your Year End Accounts. We appreciate that each client is different and that some will be more ‘hands on’ with…Read More
Future change to child benefit for high income households could help thousands of parents avoid HMRC fines Those in receipt of child benefit who are required to repay under the High Income Child Benefit Charge (HICBC) rules have, until now, had to complete a self assessment tax return. But ministers have said that in the…Read More
Have you considered outsourcing your payroll? Staying on top of your payroll can be a headache for business owners. Dealing with leavers and starters, making RTI submissions and calculating relevant statutory payments can be complicated, especially with deadlines to adhere to, which is why many of our clients opt to outsource their payroll to us.…Read More
Do I have to pay tax on my electric company car? Tax on company cars, known as Benefit-in-Kind (BiK), is calculated using a sliding scale which takes into account 1) how much carbon dioxide (Co2) a car emits, and 2) how much the car is worth. The higher the Co2 emissions, the higher a percentage…Read More
HMRC tax crackdown on gifts to Social Media Influencers Once the realm of ‘D-list’ celebrities and ‘wannabes’, Social Media Influencer is now considered by many as a lucrative career option. It’s even been added as a potential career for your Sims in EA’s hit RPG The Sims 4! And as such, this fast moving industry…Read More
Cattle farmers in England may be eligible for a grant of between £15,000 – £500,000 under the Animal Health and Welfare Infrastructure Grant for Farmers. Initially, the grant will be available for cattle farmers to help co-fund new and upgraded calf housing. In time, the grant will be extended to include adult cattle, pig and…Read More
6 steps to set up a charity There are lots of reasons why you might be considering setting up a charity; trust and recognition, gift aid, reduced tax or specialist VAT treatments (to list just a few). And setting up a charity needn’t be as complicated as you might think. Which is why we’ve compiled…Read More
Investing in a holiday let can be a very tax efficient way of investing in property For tax purposes, running a holiday let business is comparable to a trade and therefore benefits from more favourable tax treatments than a residential let (which is considered an investment). For example the deduction of mortgage interest is fully…Read More
Do I have to pay VAT on my holiday let? Whilst residential rental properties are exempt from VAT, holiday lets are not. This is because, from a VAT perspective, residential lets are viewed as an investment, whilst a holiday let is comparable to a trade and therefore follows the same VAT treatment as a hotel,…Read More