Marriage Allowance how it works
The marriage allowance is available to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate
Selling overseas property
As a general rule, if you are resident in the UK, you are liable to pay Capital Gains Tax (CGT) when you sell (or dispose of) an overseas property at a gain. The annual exempt
Transfer of unused IHT nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a
National Insurance credits
National Insurance credits can help qualifying applicants fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of
HMRC increases interest rates
The Bank of England’s Monetary Policy Committee (MPC) met on 21 June 2023 and voted 7-2 in favour of raising interest rates by 50 basis points to 5% to continue to tackle
What is profit?
When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed
Letting relief
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the main family residence. This relief from CGT is commonly known as
Losing your personal income tax allowance
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that
Exempt gifts paid out of income
There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as normal expenditure out of income. With proper planning this can be a
Students and tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of tax they need to pay on the basis that the students would be
NMW non-compliance penalties
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers
Cause for optimism?
As we have moved into the new tax year, since 6 April 2023, the March hares have had their opportunity for madness and there is just a glimmer of warmer weather ahead. And perhaps,
Business Bitesize – apply single minded success to your business
How did Ed Sheeran get from sleeping rough, playing open mic nights to headlining Glastonbury festival? What lessons can be learned from his driven approach that you can apply to your business? Click below for [...]
Taking time off – easier said than done!
Schools have broken up and the summer holidays have arrived, however for many business owners having a break away from their business can be difficult. For the business owner, there are no paid holidays, no [...]
Business Bitesize – The power & pay-off of email marketing
Taking email marketing for granted is so easy because so much of it pours into our email inbox every day. However, as a business owner why would you ignore the power of email marketing when [...]
Are you making the most of your R&D Tax benefits?
Does your company invest money into developing new products and services? If the answer is yes, did you know that your business may be eligible for Research and Development (R&D) tax relief? R&D is a [...]