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24 May 2019

Using the cash basis – is it for you?

The cash basis is a simpler way of working out taxable profits compared to the traditional accruals method. The cash basis takes account only of money in and money out – income is recognised when received and expenses are recognised...

5 Apr 2019

National Minimum Wage and National Living Wage rates

The hourly rate for the minimum wage depends on your age and whether you’re an apprentice.

You must be at least:

  • school leaving age to get the National Minimum Wage

  • aged 25 to get the National Living Wage - the...

21 Mar 2019

Importance of registering for child benefit even if the High-Income Child Benefit charge applies

Parents affected by the High-Income Child Benefit charge (HICBC) can be forgiven for thinking that there is no point of registering for child benefit if they are only going...

7 Dec 2018

Take advantage of the Annual Investment Allowance

The annual investment allowance (AIA) allows businesses to obtain an immediate deduction against profits for capital expenditure up to the limit of the allowance.

Where a business prepares accounts using the more traditio...

30 Nov 2018

Pass on your house free of IHT

The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. It is available for deaths on or after 6 April 2017.

The RNRB...

23 Nov 2018

Give away £3,000 IHT-free each year

There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the annual exemption.

Nature of the exemption

The annual exemption is set at £3,000. The exemption allows...

16 Nov 2018

Tax-free Christmas parties

Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in scope and application. It is unwise to assume that there will be no t...

9 Nov 2018

Claim a deduction for pre-trading expenses

As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for the deduction to be available, the business must have started trading. However, most busine...

2 Nov 2018

Savings income – how is it taxed?

The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free. For these purposes, savings income means interest on saving...

25 Oct 2018

Getting ready for MTD for VAT

The start date for Making Tax Digital (MTD) for VAT is fast approaching – from the start of your first VAT accounting period beginning on or after 1 April 2019, if you are a VAT registered business with VATable turnover over the VAT registr...

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