Working from home? – Claim an allowable deduction

Many small business owners who work from home do not realise that they are able to claim an allowable deduction against their profits known as ‘use of home’. The HMRC will allow a sole trader/partnership/limited company director to claim a … Continue reading

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Entrepreneurs relief – what is it and I am eligible to claim it?

Having spent many years building a business, entrepreneurs can still look forward to a maximum capital gains tax liability of 10% when they come to sell their business. This tax advantage is known as entrepreneurs relief. To qualify for this … Continue reading

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Common questions answered: Self-assessment tax returns

We get many questions about self-assessment tax returns which are both regular and varied so to answer these questions we have put together an extensive blog which should hopefully cover all the areas which you may have questions with. If … Continue reading

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Keep the receipts

Most business owners are aware that they need to keep receipts if they want to secure a deduction for expenditure for business tax purposes, assuming that the expenditure is allowable for tax. This is particularly important if you purchase an … Continue reading

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Claim £100′s of tax relief if you wear a uniform!

Do you have to wear a uniform to work? Did you have to purchase it and wash it? This can apply to a worker if they simply wear a shirt with a logo or full head to toe attire, such … Continue reading

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Special Budget blog 2014: Seed Enterprise Investment Scheme

The Seed Enterprise Investment Scheme (SEIS) is designed to increase the level of investing in the early development of high growth potential businesses. The scheme is similar to the EIS but focuses on smaller, early stage companies carrying on a … Continue reading

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Collecting debts through PAYE

The coding threshold allows taxpayers to have a tax underpayment of less than £3,000 collected via their tax code provided that they are in employment or are in receipt of a pension. The coding applies to certain debts such as … Continue reading

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Special Budget blog 2014: Savings and investments

The chancellor announced changes to savings and investments which will benefit individuals who regularly save. The first of these changes is a major reform to the ISA system. A new ISA (NISA) is to be introduced from 1 July 2014 … Continue reading

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Special Budget blog 2014: Income tax rates and allowances

In the budget, the Chancellor announced that from April 2015, the basic personal allowance for taxpayers born after 5 April 1948 will rise to £10,500. At the same time the basic rate limit will be reduced to £31,785. Taxpayers’ personal … Continue reading

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PPI refunds – Have you declared the interest received?

Individuals who have been successful in reclaiming miss-sold Payment Protection Insurance (PPI) may be unaware that any interest received as part of their settlement should be being declared on their self-assessment tax return. The HMRC have commented that; ‘The interest … Continue reading

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