IS YOUR EXPENDITURE A CAPITAL OR REVENUE EXPENDITURE?
The nature of the expenditure that is spent in business is very important. The reason for this is that it determines the accounting and tax treatment. Most times we do not have a choice because we do need to acquire them to help our business growth. In this blog post,…
WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED
Why should I pay tax on the child benefit? This is a common question that is asked by taxpayers. You only pay tax if one of these conditions are met: The taxpayer must be entitled to Child benefit. Or if the taxable income received by either partner is over £50,000….
PLANNING TO SELL A PROPERTY IN 2020, YOU SHOULD READ THIS!
Are you selling residential properties in 2020? There are proposed new changes to declaring capital gain on residential property sold from April 2020. These changes will be very massive and would affect individuals selling residential properties. Who will be affected when selling residential properties? People affected by these changes include…
THE MAJOR CHANGES TO PRIVATE SECTOR, IR35 CHANGES FROM APRIL 2020
The IR35 legislation is a legislation that has been used by HMRC since 1999 as an anti-avoidance tool for contractors that run their business through a limited company. Since April 2017, The HMRC introduced some new changes to the way IR35 was applied in the public sector. How IR35 legislation…
CLAIMING EXPENSES, REDUCING TAX AND NATIONAL INSURANCE!
Claiming the right expenses are a crucial part of running a business. This is because claiming the right expenditure will result in tax relief claimed in the tax year. Therefore reducing the income tax, corporation tax and national insurance paid by the taxpayers. Why is claiming the right expenses important? The consequence…
Good news for business owners
By Ola Sulaimon Ronzl Accountants BUSINESS owners can claim capital allowance on qualifying plants and machinery. The capital allowance gives relief on the cost on qualifying expenditure immediately or over a period of time. Capital allowance, however, is only available to integral features within the building such as lifts, air-conditioning…