The Spring Budget 2024 was rather uneventful for many, unless you’re landlord with holiday properties in your portfolio that is. With the Furnished Holiday Lettings regime being abolished from April 2025, the market has been shaken up, so what exactly does this mean? The FHL tax regime, which previously allowed [...]
Chancellor Jeremy Hunt has just finished delivering his Spring Budget 2024, in which he said the Conservatives have a plan to 'grow the economy'. He confidently stated that his Budget will "unleash people power and put this country back on the path to lower taxes. Growth up, jobs up, taxes [...]
If you're a sole trader or a partner in an unincorporated or incorporated partnership, upcoming changes in tax rules may affect you. These reforms alter how businesses like yours are taxed. Overview of the Basis Period Reform HMRC is changing how taxable profits are calculated. Previously, unincorporated businesses were taxed [...]
Allowable expenses Claim all of your allowable expenses Ensure paid invoices have been recorded – chase those you’re still awaiting payment for Keep receipts 6 years after accounting period ISAs Use your ISA allowance £20,000 taxed at 0% per year £9,000 for junior ISAs [...]
Since it’s inception in 2009 crypto currency’s popularity has grown and grown, with many people dipping their toes in to see what financial gain they can make from their investments. With some making a hefty profit in a short space of time, it’s fast becoming one of the most popular [...]
If you’re new to running your own company and employing people you might not be clued up on National Insurance Contributions (NICs), and how much you’ll need to pay. In this blog we take a closer look at what NICs are and what you need to be aware of as [...]
Whether you currently own cryptoassets, or you have done previously, it's crucial to understand the tax implications and what you might owe to HMRC. In this blog, we’ll delve into the rules surrounding crypto tax and explore how you can stay compliant. HMRC’s stance on crypto tax HMRC initially likened [...]
Chancellor Jeremy Hunt has just finished delivering his Autumn Statement 2023, which he’s hailed a ‘huge boost’ for British competitiveness in his statement for growth. A series of measures were announced with the ‘overall impact of £20bn a year within the decade – the biggest ever business boost for [...]
The festive season is approaching and many Limited Company directors are starting to prepare for their yearly celebrations. Fortunately, HMRC recognises staff entertainment as a valid business expense, but your festivities need to follow certain rules to qualify for tax and National Insurance exemption. What are the rules? To be [...]
What’s the difference between my personal bank account and a business bank account? When you set up a business it’s a great idea to get a separate business bank account set up. Your business and personal affairs, including finances, are kept completely separate, and having a business bank account [...]