Dispose of assets before 6 April 2024 to take advantage of the higher annual exempt amount
Individuals making capital disposals do not pay capital gains tax if their net gains for the tax year (chargeable gains less allowable losses for the …
Check your National Insurance record
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the state pension and certain contributory benefits. …
Selling online – When do you need to tell HMRC?
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone selling …
Repairs and improvements – What is the difference and why does it matter?
Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line …
Avoid the temptation to make speculative SDLT claims
Not all property is equal when it comes to stamp duty land tax (SDLT). Higher rates apply to residential properties than to non-residential properties, with …
Financing an investment property
A would-be property investor will need to be able to fund the purchase of their investment property. They may choose to do this personally or …
HMRC’s use of artificial intelligence – How AI is assessing the risk of tax evasion by businesses
We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and in …
Working for an umbrella company – Be aware of the risks
Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes …
Pre-trading expenses – Be aware of the rules
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working …
NMW from April 2024 – Make sure you comply
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be entitled …
Register to payroll benefits in kind
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end …
Relevant motoring expenditure and NIC – Are you due a refund?
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is …
