One of the many problems with having children is the cost of school fees and that the cost comes out of your taxed income. However, all individuals including children are entitled to claim a personal allowance of up to £11,000 (2015/16) which they can use to reduce the amount of income on which they pay… Read more »
Posts By: ilyas Patel
Higher Road Tax Rates for £40,000+ Cars
From April 2017, purchasers of new cars that are worth £40,000 and more will have to pay a five-year charge and an annual road tax rate. Cars registered before 1 April 2017 will not be affected and will remain in the current Vehicle Excise Duty (VED) system. The measure was first introduced in… Read more »
Should Properties Be Held Personally Or Via A Company?
Emma, a sole beneficiary of her late mother’s estate worth £2 million after accounting for Inheritance Tax, is planning to build up a mortgage-free rental property portfolio worth £1.5 million. Currently, she has a relatively good job at the age of 56, earning £48,000 per annum. Assuming Emma will pursue her plans, here’s… Read more »
Accountants Ranked #4 as Most Desirable People to Date
A recent poll of 3,500 people by Xero revealed that accountants are one of the most desirable people to date. The vast majority of the people who have been surveyed viewed accountants as analytical, intelligent, and with good business skills which is in contrast to people who stereotype accountants as ‘nerds’ and ‘introverts’. … Read more »
Grandparents Overlook Childcare NI Credit
In 2011, the specified adult childcare was introduced and is available to grandparents or other family members who care for a child under 12 whenever their parent or main carer is at work. An estimate shows that more than 100,000 grandparents of working age could benefit from the scheme . Nevertheless, only a few claim… Read more »
HMRC List Of Eccentric Failed Expenses And Claims
HMRC released a list of the most outlandish expense-claims to make sure other taxpayers do not make similar claims to those rejected on 2014-2015 self-assessment returns. Here’s the list! Holiday flights to the Caribbean Luxury watches as Christmas gifts for staff – even though it had no employees Regular Friday night ‘bonding sessions’ worth thousands… Read more »
Thousands Of Citizens Who Make Extra Money Online Are Targeted By HMRC
An estimated 5 million workers in Britain participate in the so called ‘sharing economy’ by selling products such as accessories, greeting cards, and delicacies, or by offering services online. It follows a massive surge in websites such as AirBnB, Etsy, and eBay wherein they allow sellers to advertise and sell their goods or services directly… Read more »
Claim 100% VAT On A Car
You can claim 100% of the VAT paid on a car that is used as a genuine pool car. A pool car has 2 main features: It is not allocated to any single employee and is available for the general use of company employees. It is kept overnight at the business premises and not the… Read more »
Marriage Allowance Tax Break
Latest HMRC statistics have shown that since the marriage allowance was introduced nearly two years ago, only one in four couples have signed up for the tax break. HMRC is urging couples to give their finances a boost and have pointed out that since the start of the new tax year in April, couples can… Read more »
Trivial Benefits: Not so trivial £50
We have found a fantastic way to motivate your employees! Fortunately, there are now some great new rules introduced by Finance Bill 2016 which indicates that NO TAX is payable on trivial benefits. Here’s the criteria that need to be satisfied for a trivial benefit: Up to £50 per benefit. If the benefit is provided to a group of… Read more »
