Posts Categorized: Friday Tax Tip’s

Year End Tax Saving Advice

It is essential that you plan in advance before the year end. So tax reliefs are used efficiently, at the right times. Here is what you need to know:   Director Shareholders – Salary The personal allowance for 2018/19 is £11,850. If you are the only employee of your company, then as a Director you should look… Read more »

Are Furnished Holiday Lets More Valuable ?

It’s a well known fact that Furnished Holiday Lets benefit from many tax advantages in comparison with long-term rental properties.     Furnished Holiday Lets benefit from Entrepreneur’s Relief. This means that the capital gain on sale of a property is taxed at 10% instead of the residential rates of 18% (basic rate) or 28%… Read more »

Exotic Dancer’s Tax Return

As a taxpayer, it’s always important to look at the facts of deductibility of expenditure and fully justify the reason for any claims you may have made. A recent court case revealed what can and cannot be deducted as expenses.   In the case of Daniels v HMRC, a self employed exotic dancer’s expenses went under scrutiny… Read more »

Don’t Lose Out On State Pension

Parents are at risk of missing out on their future state pension. This is as a result of childcare commitments where one parent does not work and the other is the higher household earner and claiming child benefit.     If a parent does not register for child benefit, they may forgo their National Insurance… Read more »

Save VAT On Buying Goods For Personal Use

  When it comes to completing VAT returns, you can’t reclaim any VAT for a purchase which isn’t for your business. However, for a purchase which is both for business and personal, you can reclaim some or all the VAT.   If a purchase is of consumable foods or services such as stock or broadband,… Read more »

Travel On The Taxman

One of the most problematic areas for expense claims relates to what company directors and employees can claim as travel and subsistence expenses. The general rule is that you can claim a deduction for expenses that have been incurred wholly, exclusively and necessarily for your business.     In order to be able to justify your… Read more »

Subsistence Allowance

Subsistence is the tax term for food and drink. It also often refers to the costs of accommodation and incidental overnight expenses.     Self-employed Sole traders and partners can claim tax relief for subsistence if the expenditure is incurred as: Business travel or an overnight business trip ‘Itinerant’ trade wherein you trade from one… Read more »

Tax Collectors And Inspectors

Self Assessment is used to collect tax from the self-employed, directors of a limited company or if you are a business partner. This is due for filing on the 31 January 2019.     If you filed your Self Assessment and pay later than the deadline, late payment penalties will apply. There are also penalties… Read more »

Gifts To Customers

It is the season of giving so why not treat your customers with tax free presents?     Gifts to customers can generally be classed under entertaining or advertising and marketing. It can take in many forms such as free samples of your product, free pen or mug that carries advertising for your company or… Read more »

Spend £300 Per Employee On A Great Party !

Did you know that you can spend £300 per employee on a great Christmas party and charge the cost through your business ?   In fact, your great party does not have to be at Christmas. You can have one in the summer and one later in the year, free of all taxes. Here’s how:… Read more »