Tips to reduce your inheritance tax if you own investment properties!

In the 2014 budget statement, the chancellor announced that the IHT allowance (nil rate band) will be frozen at £325,000 until 2018. The nil rate band is the tax free amount you are allowed on your death estate with any … Continue reading

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How to work out your place of supply for VAT

When considering VAT and the correct tax treatment 2 things need to be considered; 1. Have you provided goods or services? 2. Where is the place of supply? The first question is important as it determines which set of rules … Continue reading

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Entertainment and entertaining expenses

Section 45 of the Income Tax Act 2005 defines business entertainment as the provision of free of subsidised hospitality or entertainment. The person being entertained may be a customer, a potential customer or any other person. It is generally understood … Continue reading

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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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Transferrable tax allowances for married couples and civil partners

From April 2015, a spouse or civil partner who is not liable to income tax above the basic rate will be able to transfer up to £1,000 of their personal allowance to their spouse or civil partner provided that the … Continue reading

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Dividends – most tax efficient form of income!

One of the main and most tax efficient forms of remuneration for limited company shareholders are the dividends that they are awarded from their business. What is a dividend? A dividend is a payment made by a limited company to … Continue reading

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Travel expenses – allowable or not?

There is often some confusion about what travel expenses are allowable against a company’s profits. So we thought that is would be a good idea to provide a brief explanation on the most common travel expenses Mileage Any employee (including … Continue reading

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Capital disposals which are free from tax!

When selling an asset which you have made a profit on, the chances are that you will be required to pay capital gains tax. However in some circumstances sales of certain assets are free from capital gains tax. The list … Continue reading

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Alternative VAT schemes: Annual Accounting

Using standard VAT accounting, you must complete four VAT returns each year. Any VAT due is payable quarterly, and any VAT refund due to you are also repayable quarterly. Using annual VAT accounting, you make nine interim payments at monthly … 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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