Whether you’re a seasoned property investor or a first-time landlord, understanding the tax situation when it comes to your rental property is crucial for optimising your returns. In this guide, we will delve into the key aspects of rental income in the UK and explore strategies to maximise your profitability. Understanding Rental Income Rental income […]
Once we’ve completed the required returns many clients ask me ‘How Do I Pay My Self Assessment Tax?’ Paying your Self Assessment tax might seem like a daunting task, especially if you’re new to the process. However, with the right guidance and a clear understanding of the steps involved, it can be a straightforward and […]
Tax season can be a daunting time for many individuals and businesses. Whether you’re a freelancer, a small business owner, or simply a taxpayer with various income sources, preparing for your tax return can be a stressful experience. However, with careful planning and organisation, you can navigate this process with confidence and ensure that you […]
It’s that time of the year again when the festive spirit is in the air, and you’re busy selecting thoughtful gifts for your clients, employees, or business associates. While the act of giving is heart warming, many business owners ask ‘can Christmas gifts be tax deductible?’ After all, who wouldn’t appreciate a little extra help […]
The holiday season is a time for joy, celebration, and, for many businesses, the annual Christmas party. While planning the perfect soirée for your employees is a wonderful way to spread festive cheer and boost team morale, there’s one crucial question that often looms over the party planning process. And that’s “Is a company Christmas […]
The festive season is a time to make merry with Christmas celebrations. And, if you’re running your own business, you might be wondering can a sole trader claim Christmas party expenses? After all, it’s not just about having fun; it can be an excellent way to build and maintain strong relationships with clients and suppliers, […]
As the festive season approaches, you may be starting to plan your annual Christmas party. It’s a time to celebrate the year’s successes, boost team morale, and thank employees for their hard work. But what about the VAT on those yuletide festivities? We’re often asked Can I reclaim VAT on Christmas party expenses? In this […]
It’s been announced, at very short notice, that HMRC is to close Self Assessment helplines from the 12th of June 2023. For 3 months. Yes, really! You did, indeed, read that correctly. They have said that digital assistant and webchat will be available. But between the 12th of June 2023 and the 4th of September […]
The Government have announced that, from the 2023 to 2024 tax year onwards, there will be a Self Assessment threshold change for those who are taxed through PAYE only. The threshold will change from £100,000 to £150,000. This means that if you currently need to complete a Self Assessment Tax return because you earn over […]
Not just for the Self Employed, there are a number of reasons why you may need to complete and submit a tax return. Check our post on Who must submit a tax return to see who does. If you do need to, here’s how to register for Self Assessment tax. How to Register for Self […]
