If you file your Tax Return on-line on or before the 30 December (note it is the 30 not the 31 December) and the amount of tax you owe is less than £3,000 you can have your tax collected through your PAYE code, rather than paying it all in one lump sum payment on 31 January.…
Following on from the government’s announcement last week that the sale of new diesel and petrol cars will be banned from 2040, we take a look at the rules for company cars and how they are changing. When a company provides a car for use by an employee, the employee pays tax and the employer…
If you started a company in 2017-2018 and want to find out how much to set aside for your taxes, this simple profits matrix should allow you to budget for your upcoming tax payments. Watch out for the first personal tax payments due in January 2019. The first payment of income tax is…
If you’re a director of a limited company and you do some work at home, the company can pay you rent for your home office. Work can include time spent doing CPD. The benefit of doing this is you can take money from the company with little or no tax charge: The company will get…
Your self-employed profits are typically prepared on an ‘accruals’ basis – you include the income for work performed in an accounting year and not just the cash you received. However, if your income is less than £150,000, you can use the more straightforward cash basis to work out your profits. The cash basis option is only…
What is the Marriage Allowance and who can get it? You can receive or transfer 10’% of your tax-free allowance to or from your spouse or civil partner each tax year to save tax. You must be married or in a civil partnership, living together as a couple doesn’t count. One of you needs to…