Posts Categorized: Friday Tax Tip’s

Ideas To Reduce Your Tax Bill !

This is the best time to review your finances to reduce the taxman’s take. Below are some important tax tips that should be considered when you are completing your tax return. Personal Savings Allowance Basic rate taxpayers can receive the first £1,000 of interest tax-free, higher rate payers will be able to earn up to £500… Read more »

Tax Saving Tips on Divorce & Separation !

It’s easy for tax to be overlooked as money and tempers can be short during a divorce. This can lead to problems and unexpected tax bills. There is no tax exemption when you and your spouse or partner divorce or separate. Here is how you can save tax:   Income Tax If one of the… Read more »

Tax Planning For Lucky Higher Rate Taxpayers !

How to avoid higher and marginal rate tax:   There are situations where an individual’s gross income (before personal allowances) exceeds a certain level and the effective rate of tax could rise to 60% or more. These are: Over £50,000; you are liable to higher rate tax at 40% Over £50,001 and up to £60,000;… Read more »

Payroll Changes In April

New changes in payroll are coming into effect from 6 April 2019.     Payslips At the moment payslips are only given to your employees who work for you and have a contract of employment. From 6 April 2019, all workers are entitled to a payslip. This includes agency staff, bank staff, casual or zero-hours staff…. Read more »

Tax Planning For The Year Ahead

Here are some tax planning ideas for the year 2019/20:   Interest Paid To Directors & Individuals If you cannot benefit from the 0% savings band, there is still a tax advantage for the company if you are able to charge it interest. It may be cheaper for you to borrow money from a third… Read more »

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 »