Allowable Business Expenses for Self-Employed
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
Preparing for your Year End Accounts
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
Relaxation of rules on self assessment for child benefit
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
Outsourcing Payroll
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
Company Car Tax on Electric Cars
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
Paying Tax as a Social Media Influencer
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
Animal Health and Welfare Infrastructure Grant for Farmers
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
Setting up a Charity
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
Tax and Holiday Lets
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
VAT on Holiday Lets
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
Alternatives to setting up a charity
Is setting up a charity your best option? There are many reasons why you might be considering setting up a charity; reduced rates, specialist VAT treatments, tax relief (to name just a few). However setting up a charity may not be the best option for everyone – with the many pros, there are also cons…Read More
Grants for farmers in Areas of Outstanding Natural Beauty and National Parks
Farmers in Somerset could benefit from a grant to support farming in protected landscapes if your land is located in an Area of Outstanding Natural Beauty (AONB) or National Park in England. To be eligible, your project must benefit the protected landscape. Grants are available to support; Eligible farmers have until March 2025 to apply.…Read More
The pros and cons of setting up a charity
As specialist charity accountants, we know that many charitable organisations begin life as community or family concerns, often with no formal structure. However, as things grow, it may be in your best interest to set up a charity. There are lots of things to think about before you set up a charity and we recommend…Read More
Grants for Farmers to Protect Against Beaver Activity
Farmers in the South West could benefit from a CS Protection and Infrastructure Grant to protect crops and/or trees if your land is located in an eligible catchment area and there is evidence of beaver activity. Grants are available for ‘crop protection fencing mesh and wire for permanent crops’ and ‘tree guard post and wire’…Read More
SFI Annual Health and Welfare Review for Farmers
Farmers who keep cattle, sheep or pigs could be eligible for funding to pay for a vet to visit your farm to carry out a health and welfare review of your livestock. The SFI Annual Health and Welfare Review is a funded annual visit from your chosen vet or team of vets. Designed to reduce…Read More