Posts Categorized: Friday Tax Tip’s

Owning and operating a small business can be expensive when you pay more tax than you need to. Saving money on taxes should be a priority for small business owners.     Here are few simple tips for small business owners to consider:  1. Use your allowance Annual Investment Allowance of £200,000 – the full… Read more »

There are still over one million not claiming marriage allowance despite it being recommended by HMRC. They also estimate that of all eligible couples, one in four have not made a claim. Marriage allowance is available to married couples or civil partners. This allows an individual to transfer their personal allowance of up to £1,190 to… Read more »

The tax year 2017/18 is the first tax year wherein cash basis applies by default to unincorporated property business with annual rental income of less than £150,000.     Cash basis essentially takes account of money in and money out when preparing accounts. This means that sales are taken into account in the accounting period… Read more »

Grants are available to UK registered low emissions vehicles. These are available for cars, vans, motorcycles & mopeds, taxis, and home and work recharging points.     To qualify for the grant, your vehicle must emit less than 75g CO2/km and must meet specific performance and safety criteria.   Category 1 Cars:   CO2 emissions of less… Read more »

Here are some quick “hits” on how to reduce the amount of tax you are assessed on.     For example: 1. Switch To Tax-Free Savings If the interest you receive from savings in your standard savings account is more than the new personal savings allowance (£1,000 for basic rate taxpayers, £500 for higher rate taxpayers),… Read more »

Minimise the amount of Capital Gains Tax with these tax busting tips:     1. Transferring Assets If you are married or in a civil partnership, you should consider transferring assets into joint names. By doing this, you and your spouse or partner can both make use of your tax-free allowance of up to £23,400… Read more »

We have worked out that you could earn income of up to £21,040 tax free for the tax year 2018/19. You could also take advantage of another £21,200 tax free allowances and reliefs.     Here’s how you can maximise your tax-free earnings: Example 1   Each year, you are able to earn a certain amount… Read more »

Marriage allowance is a way for couples to transfer a proportion of their individual Personal Allowance between them in a tax-efficient manner.      Criteria The couple must be either married or in a civil partnership. Living together is not sufficient for the allowance to be claimed. One partner needs to be a non-taxpayer. This… Read more »

Business splitting takes place when two business trade independently of each other under different legal entities. This could mean that neither businesses could exceed the VAT registration threshold.     For example, a computer consultant decides to form a partnership with her wife for the activity that relates to buying and selling computer hardware. He then decides to keep the… Read more »

We are encouraging individuals to set up a property alert in order to warn them in the event of someone trying to alter key details of their property online. Scammers can transfer your property into their name by using false documents or stolen identities. In some cases, they even transfer the property whilst you are… Read more »