Travelling on business can be tax-deductible, including accommodation costs. By being aware of the rules, you can make the most out of your business expenses. Find out how the ‘wholly and exclusively’ rule applies to accommodation costs! (4-minute read) We will cover: All about the ‘wholly and exclusively’ rule for business expenses How you can… Read more »
Posts Categorized: Friday Tax Tip’s
Paying Tax On Dividends VS Bonuses
If you’re a company director, you may think the most tax-efficient way to take money out of your company is through dividends. But as of 2022-23, and moving forward to the 2023-24 tax year, bonuses could be more tax-efficient. Why? (3-minute read) We will cover: Legislation around paying tax on dividends Tax-efficiency between paying yourself… Read more »
HMRC Nudge Letters: What They Are and What You Can Do
HMRC is collecting more data from you and sending out nudge letters: find out what they are and what you can do on today’s tax tip. (3-minute read) We will cover: Information that can be accessed by HMRC Precautionary steps to avoid tax errors What kind of information does HMRC have access to? The UK’s… Read more »
Claiming Back Stamp Duty On A Second Home
Our article outlines a way of claiming back stamp duty on a second home or buy-to-let. (3-minute read) We will cover: How stamp duty is calculated Reclaiming SDLT if you’ve bought a second home or buy-to-let How stamp duty is calculated Stamp duty, also known as SDLT (Stamp Duty Land Tax) is a tax paid… Read more »
How to reduce your VAT bill
You want to make sure you know how to reduce your VAT bill accurately, and you are not paying more than you have to. Here are 8 effective ways to reduce your VAT bill. (4-minute read) We will cover: The role of business expenses in minimising VAT Different VAT reliefs you might not know about… Read more »
Tax Free Employee Benefits
Looking for a way to motivate employees? Have a look through these tax-free benefits you can offer your staff as a way of rewarding them for their hard work. (2-minute read) We will cover: Tax free ways to reward employees Tax free benefits for employees There are a number of tax exempt rewards or ‘perks’… Read more »
How To Minimise Inheritance Tax
Worried about paying too much inheritance tax? We can help – read today’s tax tip to find out how to minimise your inheritance tax bill. (4-minute read) We will cover: A few ways to lower inheritance tax Why you should seek expert advice An unwelcome tax Inheritance Tax (IHT) is still as unpopular as ever…. Read more »
Plant and Machinery: Definition
What’s the definition of ‘plant and machinery’? Find out on today’s tax tip. (3-minute read) We will cover: Some examples of plant and machinery items How they relate to claiming business expenses Plant and machinery definition Plant and machinery is a broad term that refers to the items you can claim using capital allowances. They’re… Read more »
Can A Furnished Holiday Let Claim Capital Allowances?
If you own a Furnished Holiday Let (FHL), you’ll be able to highly benefit from claiming capital allowances. (4-minute read) We will cover: The tax benefits of claiming capital allowances for FHL owners The rules surrounding capital allowance claims Furnished Holiday Let Rules But what qualifies as an FHL? To start with, it’s seen as… Read more »
Capital Allowances On Commercial Property
If you own commercial property or even a Furnish Holiday Let (FHL), you can benefit from capital allowances. Find out more and start saving on tax! (5-minute read) We will cover: The legislation surrounding capital allowances Why so many commercial property owners fail to claim Definition Capital allowances are a type of tax relief that… Read more »