If you are planning on living together for life but don’t want to get married, you need to do some financial planning. Usually this takes the form of arranging life insurance of some sort. The big issue is often that one partner owns the house in which a couple live. That partner dies and leaves [...]
The government has released details of a new tax allowance for landlords, which replaces the current wear and tear allowance. Currently if you are a landlord of a residential property that you let furnished then you can claim a tax deduction for wear and tear of equipment and furniture you include with the property. [...]
As you may have heard, from April 2016 the way people will be taxed on their dividends is changing. This affects both dividends from private companies and outside investments. Currently dividends benefit from a 10% tax credit which is deducted from the tax liability. This means that for a basic rate tax payer (total income [...]
Since the beginning of this year, the VAT rules on selling digitally to non-registered businesses in the EU have changed. If you sell to the public such things as images or text, photos, e-books, games, web-hosting services, software, website advertising (the list goes on and on) then legally you have to register for VAT in [...]
Everyone is entitled to earn a certain amount tax-free every year. It is called the Personal Allowance. From 5 April that amount will be £10,600. But what if you don’t work or you only work part-time and earn less than this? From the new tax year starting 5 April if you are married or in [...]
There are not many things you can spend on these days which get you tax relief. Pensions have to be one of the best investments around and you get tax relief on what you put in – subject to certain restrictions. You can get relief on what you put in subject to a maximum of [...]
When you get to sell your business, you will hopefully be able to pay tax on the profit you are making at 10%. This is because of Entrepreneurs Relief which is available through the Capital Gains Tax legislation. However there are some issues to watch. The gain subject to 10% is limited to £2million. It [...]
If you are a director of a limited company then there are three options open to you on income tax. The company could buy or lease the car and pay for all the running costs and fuel. Then you get charged to tax depending on the particular make and model of the vehicle. Or you [...]
Some people have the mistaken impression that you cannot get any VAT back on meals. That is because you cannot get the VAT back on entertaining UK clients. However this restriction does not apply to subsistence. So if you are the owner of a business and working more than 5 miles away from your business [...]
If your customers are able to claim back the VAT they pay but you are not registered for VAT, think again! You will not be registered because you bill out less than £77,000 a year. However you can ask permission to register for VAT voluntarily. Why put yourself to that bother? Well, for some people [...]