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 …
Lending from one company to another – Can interest be charged?
With relatively low interest rates on cash deposits, some companies are looking to invest their spare cash elsewhere, especially if investing in the company’s own …
Company paying for fuel – A useful benefit?
Having the company pay for all your fuel might seem like a major perk. However, whether it is truly a valuable benefit depends on a …
Would growth shares benefit your company?
Today’s business world is increasingly competitive. In order to survive and grow, a business needs to retain talented personnel. While benefits such as medical insurance …
The powers of HMRC’s debt collection department
HM Treasury’s recent ‘Policy Costing Document’ published to accompany the 2024 Autumn Budget contained two sentences which appear to have gone d by many financial …
VAT reclaim – When things don’t go to plan
Even the best laid plans are liable to change. The ‘payback and clawback rules‘ for VAT reflect this reality. These rules only relate to input …
Directors’ loan accounts – The 30-day rule
Interest rates are coming down, but HMRC’s official rate of interest (ORI) for employee loans has increased to 3.75% per annum (6 April 2025), and, …
