Tax on Selling Your Company: Cash vs Loan Notes
There comes a time in every business owner’s life when retirement looms and thoughts turn to succession planning. Planning should ideally start two years before …
Defining temporary workplaces and tax implications
Most employees can identify their permanent place of work because it is where they regularly go to work. However, post-Covid, many workers work primarily from …
Online claim for expenses tax relief
Employees who incur expenses in undertaking their job may be able to claim tax relief for those expenses where they are not reimbursed by their …
Timing your payments around the year end
For unincorporated businesses, from 6 April 2024 onwards the cash basis is the default basis of accounts preparation. Unlike the accruals basis under which income …
Time running short to use your 2024/25 personal allowance
Most individuals are entitled to receive a personal allowance. This is the amount that they are able to earn before they pay tax. For 2024/25, …
Action you can take if you are struggling to pay your tax
Tax due under Self Assessment for 2023/24 should have been paid in full by midnight on 31 January 2025, along with the first payment on …
Deferring Class 1 National Insurance contributions
Where an employee has more than one job, they may be able to defer the payment of Class 1 National Insurance contributions in one or …
Claim a refund if you have overpaid tax
There are various reasons why tax may be overpaid, and when more tax has been paid than is due, it is understandable that the taxpayer …
Starting a business as a sole trader
When starting a business, there are various decisions to make and tasks to perform. One of the first questions to address is whether to run …
Using salary sacrifice to beat the rise in employer’s NIC
One of the more unpopular Budget announcements was the rise in employer’s National Insurance from 13.8% to 15% from 6 April 2025. The Class 1A …
Using form R40 to claim a tax refund
If you are entitled to a refund of tax deducted from savings and investment income, you can claim the refund using form R40 if you …
Beware of the lifetime limit when claiming BADR on the sale of the FHL
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the time of the 2024 Spring Budget, it was announced that the favourable …
