Find out whether your garden office could be a business expense. What is it? Working from home has been the dream for countless people across the country, and because of Covid-19 they have been doing, though not quite in the manner many expected. If Covid-19 continues and more people are working from home, there is… Read more »
Posts Tagged: Micro business
Avoiding the Pension Cap
Thousands of people may have unexpected tax bills, because they have contributed too much to there pension schemes. Most people are entitled to contribute up to £40,000 a year into a private pension tax-free. This cap applies across all of your pension schemes, and includes contributions made by employers, or on your behalf by someone… Read more »
VAT credit note
New rules for credit notes came into effect in September 2019. Find out more about VAT credit notes and how they affect you. You are more likely to reduce the price of goods than increase them, for example if the goods are faulty. Credit notes can reduce the VAT accounted for on the original invoice…. Read more »
Is employing family tax efficient?
Putting family on your payroll can be tax efficient if HMRC allow it, but what happens if they challenge it? For an expense to be tax deductible it has to be incurred wholly and exclusively for business purposes. If you employ your family members, this may gain HMRC’s interest. HMRC will want to establish that… Read more »
Tax relief on personally owned equipment
If you have a personally owned asset which you sometimes use for business, are you entitled to a tax deduction? HMRC has a “wholly, exclusively, and necessarily” rule, which means you can’t get tax relief for expenses if there is any non-business use. However, this rule doesn’t apply in the same way to… Read more »
Micro businesses struggle with auto-enrolment
It has been reported that micro-businesses are struggling to prepare for auto-enrolment as staging dates loom over the next coming year. The costs for auto-enrolment are estimated at £8,000 per small business, yet 40% of vulnerable small businesses believe it will cost nothing to set up whilst 11% think it will cost around £5,000. On… Read more »