New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. …
Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition …
Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside …
Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable …
End of multiple dwellings relief for SDLT
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June …
Reduction in higher rate of capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also …
Employer-provided equipment – Tax implications for employees of working from home
Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January 2023, …
Advertising or promotion verses entertainment or hospitality – Which is allowable?
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and exclusively for …
The confusion surrounding the VAT reverse charge
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help …
Training costs and the self-employed
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are …
Reform of the High-Income Child Benefit Charge
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted …
Make the most of your ISA allowance
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free. Where this is …
