Posts Tagged: audit

Self Employed Daily Food Allowance: How to Have Your Cake and Eat it Too

Did you know that you may be able to claim self employed daily food allowance for the cost of some meals and also overnight stays? This handy guide contains everything you need to know to get started with claiming your allowances.   (6 Minute Read) What counts as subsistence?  Before discussing the ins-and-outs of self-employed subsistence allowance, it will… Read more »

Covid Business Support: Bounce Back Loan Warning!

Bounce Back Loan Warning! The Insolvency Service will be given new powers to investigate directors of companies that have been dissolved. This will close a loophole previously used to avoid paying back Government-backed loans. These powers include harsher punishments for those found guilty of misconduct. Change in Bounce Back Loan Rules Previously, some company directors… Read more »

UK Inheritance Tax: Four Key Factors to Keep in Mind

Inheritance Tax planning can be overwhelming; how do you ensure your family or friends benefit fully from it? Fortunately, protecting your loved ones and assets is easier than you might think.     What is UK Inheritance Tax? Inheritance Tax is a tax on your estate based on its value, payable after your death. Currently, this… Read more »

Pension vs Dividends: What’s best for me?

(4 Minute Read) Pensions vs dividends? Dividends are a traditional way of a director being paid from a company. However, the tax advantages have been reduced in recent years, mostly through increased income tax rates on dividends. This means that other payments can be more tax efficient. One of these methods is company pension contributions…. Read more »

Budget 2021: Capital Allowances and the new super-deduction

(4 Minute Read) What is super deduction tax? The Chancellor announced a new capital allowance, known as the Super-Deduction. This offers tax relief at 130% of the cost of new plant and machinery. This is available from the 1st April 2021 to the 31st March 2023. How does the super-deduction work? The Super-Deduction applies to… Read more »

SEISS Grant 5: When can I apply and how much will I get?

(4 Minute Read) What is a SEISS Grant? The government’s Self-employment Income Support Scheme (SEISS) can be described as the self-employed version of the Coronavirus Job Retention Scheme (CJRS) for employed people. While you’ll still owe Income Tax and National Insurance on any money you get through the SEISS, it’s a grant rather than a loan. That means you… Read more »

Tax on Cryptocurrency UK

(7 Minute Read) What is a tax on cryptocurrency? In the UK, HMRC treats tax on cryptocurrency like stocks, and so any realised gains are subject to Capital Gains Tax. You can cash in, or give away, £12,300 worth of gains a year tax-free, but then pay 10% tax for basic ratepayers or 20% for… Read more »

VAT Implications to the Supply of Services after Brexit.

(2 Minute Read) How has Brexit affected the supply of services? Since Brexit the transition period, the VAT rules for the supply of services have changed. Whilst not as complicated as the rules on the supply of good, they still represent a significant change from the past. The rules applied are dependant on deciding where… Read more »

How do I Apply for the Cycle to Work Scheme?

(4 Minute Read) How to get a bike tax free! What is the Cycle to Work Scheme? The Cycle to Work scheme was introduced in 1999 to improve health and reduce pollution. Under the scheme, your employer buys the bike, and then loans it to you whilst you make payments directly from your salary. These… Read more »