How your pension savings can help finance your business.
As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.
Data from the British Business Bank shows that in 2017 the number of small businesses seeking traditional bank loans reached a record low of only 1.7%.
This month the insider covers:
This month the insider covers:
This month the insider covers:
How has devolution affected what tax you pay?
First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn Budget 2017.
Philip Hammond's headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there. He also introduced a reduced rate of 5% on the portion worth from £300,000 to £500,000, providing a welcome boost for many aspiring homeowners in London where the average residential property sold for £556,146 in 2017.
How to make this tax break work for you
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015.
Almost half of the UK's eligible couples failed to claim their slice of £1.3 billion in marriage allowance cash in 2016/17, with many couples either unaware of the tax break or forgetting to claim it.
It's designed for couples where one partner pays the basic rate of income tax and the other is a non-taxpayer.
Obligations from 1 April 2019 onwards
Although the Making Tax Digital (MTD) regime has suffered several setbacks and delays, MTD for VAT remains on course to take effect from its planned implementation date of 1 April 2019.
Under the scheme, VAT-registered businesses are required to maintain digital records, complete the VAT return from the digital records and send it electronically to HMRC.
The pros and cons of letting furnished holiday accommodation.
When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from tax reliefs which wouldn't otherwise be available to residential landlords, providing certain conditions are met.
However, there are also several disadvantages associated with letting property as holiday accommodation whether or not the furnished holiday letting conditions are met.
How can you reduce your capital gains tax bill in 2018/19?
Whether you’re a buy-to-let landlord, a shareholder, an art dealer or you fall somewhere in between, the chances are you will be familiar with paying capital gains tax (CGT).
CGT is payable when you 'dispose' of a certain item and make money from the sale, with the amount you're liable for depending on your income and the asset in question.
If there's one thing that keeps us awake at night it's the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates.
Capital allowances provide the mechanism for tax relief on certain types of capital expenditure (the purchase of assets such as office furniture, or equipment) essentially providing a deduction against proits.
This month the insider covers:
This month the insider covers:
This month the insider covers:
A brief guide to the tax implications of IR35.
IR35 is the shorthand name for tax rules concerning the provision of personal services through intermediaries.
These rules came into effect on 6 April 2000, but they were signicantly amended from 6 April 2017 for contracts involving public sector bodies.
Your obligations for reporting travel expenses.
Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events.
The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the taxman.
Handy guide showing all the main tax categories for the tax year 2018/19 - includes taxable income bands and tax rates, tax-free mileage allowances, vehicle and fuel benefits in kind, captial gains tax and UK Company taxation information.
Chancellor Philip Hammond has delivered his Spring Statement 2018, and on his promise to move away from two major fiscal announcements every year. There was no red briefcase, no red book, and no tax changes as the chancellor announced updated economic forecasts in a speech lasting less than half the length of any of his previous statements.
Not that it comes as a surprise seeing that Hammond moved this to a Tuesday, rather than keeping it in its usual slot straight after prime minister’s questions on a Wednesday.
How to include charitable donations in your tax planning strategy.
Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate.
What to expect when the Revenue comes knocking.
Anyone whose business comes under the Revenue's microscope is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax.
New rules are coming into force on 6 April 2018.
The tax treatment of termination payments can be complex, not least because a termination package typically comprises several different elements, which may be treated differently for tax and national insurance purposes.
What tax powers are moving away from Westminster?
It may feel like we're living in increasingly uncertain times ever since the UK voted to leave the EU.
That centred on most of the electorate's desire to obtain more devolved powers from Brussels, but in reality devolution has been going on a lot closer to home for decades.
The default basis for landlords' accounts.
Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions. This option was extended to landlords running unincorporated property businesses from 6 April 2017.
However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.
What to expect when providing staff with perks.
Most employers choose to recognise the ongoing commitment made by their members of staff by providing various benefits and rewards. Whether that's in the form of the Christmas party or it extends to benefits such as a cash bonus or flexitime, it all helps to ensure employees feel valued and motivated.