I AM SELF EMPLOYED AND AFFECTED BY COVID-19, HOW MUCH GRANT WOULD I BE RECEIVING?

Self employment income support scheme

The self-employed income support scheme was one of the last grants that were announced by the HMRC. The Chancellor confirmed that it was difficult to assess how the amount of grant that could be given to self-employed individuals in the UK due to the flexibility of their income. Who qualifies for the Self-employed income support […]

WHY SHOULD I PAY TAX ON CHILD BENEFIT I HAVE RECEIVED

Tax on child benefit

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. Types of partners that can […]

RATE TO CLAIM WHEN APPLYING FOR  CAPITAL ALLOWANCE RELIEF

Claiming capital allowance

Capital Allowance rates vary depending on the plant and expenditure. To explain the rate I will be using the various percentages associated with each allowance. Zero percentage on capital expenditure. 0% simply means the business owner can’t claim capital allowance on that plant and machinery. Example of such are building, or floors or any other […]

INVESTING IN TRAINING

Training cost

Cost of training is usually exempt when it is work related. Exempted training cost Work-related training is the one you acquire to help you to improve or update the skills you have already acquired Misconceptions about training cost The most common misconceptions are that all cost can be deducted as an expense. However, some training […]

WHAT TO WATCH OUT FOR WHEN INVESTING ON CAPITAL EXPENDITURE

Claining tax relief on Capital Expenditure

  Business must invest in capital expenditure so as to be more productive. It might either be just a computer to a factory or to special machinery in a factory. The business owner usually always want to have tax relieve on these investments as soon as they would if they were revenue expenses. THE DIFFERENCE […]

Something You Probably Didn’t Know about Value added Tax in Uk.

VAT in the UK

Value Added Tax Value Added Tax (VAT) in the UK is a tax that is paid by consumers as soon as they buy an item that is a taxable supply. The tax is not meant to be suffered by a taxable business rather it’s the final consumer that suffers the burden for VAT. It’s like […]

HOW YOUR PERSONAL ALLOWANCE AFFECTS THE TAX YOU PAY!

Personal allowance and tax code

Personal allowance and tax band explained. The Personal Allowance is the amount of income everyone is entitled to receive free of tax each year. the amount for the tax year 2018/19 is £11,850. Every individual living in the UK is entitled to a personal allowance. If it is not fully used, then the unused allowance cannot be carried […]

Would you be leaving some of your business to HMRC when you die?

Business Property relief

Planning ahead and claiming Business property relief could avoid that! Business property relief is very important. Every business owner that would like to save tax on inheritance tax. Business property relief reduces the transfer of value of the property transferred for inheritance tax purpose However, to be able to enjoy this relief, your business would […]

GIVING SHOULD NOT BE SO TASKING

Charity Registration

YOU NEED TO READ THIS BEFORE REGISTERING YOUR CHARITY. Charity registration can be a very daunting process. A lot of organizations are set up for the purpose of giving and supporting a need or a cause. WHEN TO REGISTER  In the UK, a lot of charities usually have common causes and for administration reasons. The […]

Entertainment in business

Saving tax on Employee Gift

  Entertainment in business  Most business do give gifts to their employees and provide entertainment to their clients.I have explained in the blog,The tax consequence of doing this.   Here is the issue with business entertainment: Entertainment in business is an allowable accounting expense when it relates to the business, however, could be disallowable for tax […]