Disincorporation of a companyÂ
In the not-too-distant past, incorporation was synonymous with automatic tax savings. However, successive governments have eroded these tax benefits. With additional administration and costs, many …
Are you running a business or a hobby?
Many digital platforms and online marketplaces in the UK, such as eBay, typically consider a seller to be a trader if they list items frequently …
Free fuel – Is it a worthwhile benefit?
Many employees see being allowed the use of their own company car as acknowledgement of their status in a company. While the employee will be …
Do ‘resident cruisers’ pay income tax?
An increasing number of people live on cruise ships. They sell or rent out their main residence and spend their days living on the waves. …
Must the cash basis be used?
For UK unincorporated businesses, the cash basis is now the default method for calculating taxable profits. Under this basis, income is taxed when received and …
The future for invoices and receipts
It is becoming increasingly noticeable that after a purchase is made in a shop or restaurant, the customer is asked ‘Do you want a receipt?’. …
When the real tax percentage is 60%
At first glance, the UK’s income tax rates seem straightforward, comprising the basic, higher and additional rate bands (currently 20%, 40% and 45% in England, …
Are you hustling this Christmas? From hobby to taxable business Â
Christmas is coming and many people use the celebration time to sell items such as handmade Christmas cards and goods on seasonal market stalls. Influencers …
Spreading tax payments if you can’t pay your tax bill
Should any taxpayer find they are struggling to pay their tax bills by the usual deadlines, there are official ways to spread the payments. How …
CIS deductions – Applying the correct percentage
The Construction Industry Scheme (CIS) is a tax deduction scheme requiring contractors to deduct tax from payments made to subcontractors working in the construction industry. …
VAT registration waiver Â
HMRC requires businesses to register for VAT if their taxable turnover exceeds £90,000 in the last 12 months or is expected to exceed this threshold …
What is e-invoicing?
The 2025 Budget on 26 November 2025 is expected to be crucial for the long-term implications for the UK economy – announcements of tax increases …
