Tax On Social Media Earnings Increasingly more and more people are turning to YouTube and other social media platforms to supplement their existing income, or to start a new career. There are many considerations you need to make when moving into this field, such as what type of content will […]
The question is: Are ransom payments made by a business to access its IT systems tax deductible? Everyday more and more news reports highlight the threat ransomware and cyber terrorism impose on our institutions and businesses. Workplaces are increasingly dependent upon IT systems and infrastructure and data breaches have a […]
What are payments on account? If you are a self-assessment taxpayer, you may be familiar with the phrase ‘payments on account’ (POA). They help to spread the tax burden over the space of a year by requiring the taxpayer to make advance payments towards their tax bill. 31 July 2023 […]
National Insurance Contributions (NICs) are payable by almost every worker and employer throughout the UK. They are an important deduction from your salary as the amount of Class 1 NICs you’ve paid throughout your lifetime affects your rights to the state pension. Likewise, those who are self-employed need to pay […]
Most people are aware that if you get a company car as part of your employment, the car will create a taxable benefit in kind. The employer is probably not going to be able to recover any VAT on its purchase either because HMRC will usually view that it is […]
Time for a more light-hearted look at some unusual (or useless!) tax facts as we approach the end of the alphabet! with our A-Z tax blog series. Weird and wonderful facts: One of the first recorded taxes in the UK was the Danegeld, a tax on Anglo-Saxon landowners to pay […]
On 15 March 2023 the Chancellor of the Exchequer Jeremy Hunt delivered his Spring Budget. Here is a summary of the most important announcements. Overview Most tax rates and allowances were announced in advance at the Autumn Statement, so the Budget focused more on spending than on tax Personal tax […]
Over the past two years, limited companies have been able to claim an advantageous Capital Allowance on qualifying assets, providing tax relief of up to 130%. This super deduction, as it is known, will soon be withdrawn, however. It is only available on qualifying expenditure incurred on or between 1 […]
While you may have revelled the thought about finishing your qualifications at school/college/university, for a lot of people learning continues far beyond the conventional educational institutions. Work-based learning to ensure you keep your own or your employees’ skills as up to date as possible has become the norm, with many […]
Over the last few years there have been numerous changes to tax legislation relating to residential properties. We thought it would be a good idea to have a quick reminder on the main areas you need to consider. Capital Gains Tax Reporting regime UK residents who sell their UK residential […]
