Furnished Holiday Lets
The taxation of residential property letting has seen some changes in recent years. The most significant is the change in tax relief on interest payments. These were once just a tax-deductible expense but are now being shifted to an adjustment…
Companies House Encourages Young Entrepreneurs
Entrepreneurs are defined as people who, by setting up a business, take on financial risks in the hope of making a profit. Often seen as people having to innovate by offering new services and products, they can have a big…
Tax Questions and Answers
A new employee has told me that they have a student loan. What do I need to do about this? Student loans provided through the Student Loan company are collected through the UK tax system. How much, if anything, is…
Missed MTD Registration
If you are a VAT-registered business with annual income above the registration threshold (currently £85,000) then you should now be submitting VAT returns through Making Tax Digital (MTD). This requires records to be kept in appropriate computer software and submitted…
Inheritance Tax Exemptions
It is said there are two certain things in life: death and taxes. Inheritance tax (IHT) combines both of these, being a tax paid on estates over the nil rate band value of £325,000. The value over the nil rate…
Claiming VAT On fuel
Self-employed businesses that are registered for VAT charge their customers VAT on sales and reclaim the VAT they are charged on their own expenses. For most expenses, the amount of VAT that can be claimed is clear. There are special…
St Leonards Modern Goods
Situated on Norman Road, St Leonards, this shop has recently celebrated its third anniversary. The shop offers a mixture of clothing, gifts and books, updating the stock on a regular basis. It also incorporates a workshop area where the proprietor,…
Winner Of Her Biz Hastings: Helping To Bridge The Gender Gap
Aspiring entrepreneur Jessica Fleischer has won £1,000 in the NatWest Her Biz Women’s Start-Up Programme in Hastings. The prize will go towards start-up costs for Jessica’s new business venture, Fighting Fit Food. This sells nutritional meals to gym-goers, kickboxers, martial…
Avoiding VAT Surcharges
As with so many things involving HMRC, failing to file and pay your VAT on time can result in penalties. VAT penalties are referred to as surcharges and you must have failed to meet your responsibilities at least twice before…
Employment Expenses
If you are self-employed, then you are allowed to deduct business expenses from your income. You then only have to pay tax on the amount after expenses. If you are employed then most business expenses will be paid by your…