Expenditure in business, capital or revenue?
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 grow. In this blog post, I would like to explain […]
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 benefits. Or if the taxable income received by either partner is over £50,000. Types of partners that can […]
PLANNING TO SELL A PROPERTY , YOU SHOULD READ THIS!
Are you selling residential properties this year? There are proposed new changes to declare 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 individual taxpayers, not companies disposing […]
IR35 IN PRIVATE SECTOR CHANGES FROM APRIL 2020
The IR35 legislation that has been used by HMRC since 1999 as an anti-avoidance tool for contractors that run their business through a limited company. In April 2017, The HMRC introduced some new changes to the way IR35 was applied in the public sector. How IR35 legislation in the private sectors would affect businesses. To […]
3 Types of expenses that can be claimed by business owners !
Expenses are a crucial part of reducing the income tax and national insurance paid in the UK. Every business is different, so the expenditure claimed could be different. There are three rules that could help to ensure that you are claiming the right expenses. Why is claiming the right expenses important? The consequence of not […]
Owners of business in the UK, Good news for business owners
Owners of businesses can claim capital allowance on qualifying plants and machinery. The capital allowance gives relief on the cost of 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 systems, electrical systems etc. Businessmen can claim tax relief […]
2 Good news for those looking to acquire
By Ola Sulaimon Ronzl Accountants There are different ways that business owners use to expand their organisation. One such is acquiring a new business, most times it is usually assets both tangible such as computers, vans, etc. and intangible such as goodwill. Before 1 April this year, the owners acquiring these items, specifically goodwill, were […]
Tax relief to consider for festive shopping
By Ola Sulaimon Ronzl Accountants Claiming Tax relief at this time to be jolly and I was reminded of this fact when I saw my favourite mince pies on the shopping racks recently. This time is also the time we love to show appreciation to our clients, our team members and also our family. We […]
STRUCTURE AND BUILDINGS ALLOWANCE FOR NON RESIDENTIAL PROPERTIES
Structure and buildings allowance was introduced by HMRC for expenditure on the construction of non-residential structures and buildings. This relief is only available for expenditures incurred after the 29th of October 2018. THE TAX RELIEF FROM STRUCTURE AND BUILDINGS ALLOWANCE The relief that is given is a 2% straight-line allowance over a period of the […]
THE SELF-ASSESSMENT SYSTEM IN THE UK
Self-assessment system is used by the HMRC to administer and collect tax from taxpayers in the UK. Most UK taxpayers’ tax is collected at the source, however, some taxpayer under this system have to administer their tax by themselves. If not administered well, they are given penalties and made to pay interest on unpaid tax. […]