Setting up as a sole trader
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for yourself and …
Will paying voluntary NICs boost your pension?
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National …
Investing the proceeds from the sale of the family home
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of …
Do you now need to pay tax on your dividend income?
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first …
Top Tax Tips for Small Businesses in UK
Introduction Taxation can be a complex and overwhelming aspect of running a small business. However, with the right knowledge and strategies, you can minimise your …
The SDLT supplement and changing your main residence
In most cases, a higher rate of stamp duty land tax (SDLT) applies to the purchase of second and subsequent residential properties in England and …
VAT and DIY housebuilders
A person who buys a new home from a property developer does not have to pay VAT on it as the sale is zero-rated. However, …
Which home is the main residence?
Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains tax on any …
Do you have to take a dividend? Reasons why not to
Many directors believe they have an absolute right to monies deposited in a company’s bank accounts. However, payment cannot just be withdrawn as there are …
Tax implications of company failure
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published by the Insolvency …
Retiring an employee tax efficiently
Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000 exemption for …
Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you …
