Self employed and affected by Covid-19,how much grant should I receive?
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 number of grants that could be given to self employed individuals in the UK due to the flexibility of their income. Who qualifies for the Self employed […]
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 […]
3 CAPITAL ALLOWANCE RATES TO CLAIM AS TAX RELIEF
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. Examples of such are building, floors or any other asset […]
INVESTING IN TRAINING
The training cost is one of the costs that is incurred by business owners. This cost is important as it helps to increase the skills of the employees at the workplace. In this blog, we will like to explain some of the consequences of investing in training costs and how to reduce the tax due […]
WHAT TO WATCH OUT FOR WHEN INVESTING ON CAPITAL EXPENDITURE
Capital expenditure in business is very important to make them more productive. Capital allowance is a relief that is given to business owners who purchase assets to be used in the business. Businesses in the UK spend a lot of money on capital investments from time to time to run efficiently and maximize their profit. […]
Something You Probably Didn’t Know about Value added Tax in 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 of VAT. It’s like […]
HOW YOUR PERSONAL ALLOWANCE AFFECTS THE TAX YOU PAY!
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?
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 to charity, Giving should not be so tasking.
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 administrative reasons. The […]
Entertainment in business
Entertainment in business Most businesses 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 […]