Tax relief on charitable donations
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If …
Setting up as a sole trader
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for yourself and …
Will paying voluntary NICs boost your pension?
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National …
Investing the proceeds from the sale of the family home
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of …
Do you now need to pay tax on your dividend income?
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first …
Advantages of filing your 2023/24 tax return early
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024 applies if you …
IHT transferable nil rate bands
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which …
Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the …
Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at …
Cash basis by default
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their taxable profit using the cash basis. …
Taxation of company cars in 2024/25
A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit …
VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to …
