Taxation is a critical aspect of running a business, and understanding its complexities is essential for limited company owners. Our comprehensive guide ‘Running a Limited Company: A practical guide for business owners’, provides a breakdown of key business tax considerations, including dividend tax, VAT, National Insurance Contributions (NICs), Corporation Tax, […]
Tag Archives: tax advice durham
30
Aug
Aug
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 […]
24
Jul
Jul
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 […]
06
Mar
Mar
The UK tax year runs from 6 April to 5 April of the following year. Here are some end of year tax planning tips: Make use of ISA’s – these accounts allow you to save and invest tax-free so consider making use of your ISA allowance before the end of […]
20
Feb
Feb
Repairs and Renewals A distinction is drawn between repairs and improvements when considering if tax relief is available. The general rules are that: Expenditure on restoring an asset to its original state is revenue in nature and so allowable in calculating taxable trading profits; and Expenditure […]
09
May
May
In our previous blog, Inheritance Tax Exemptions – Christmas is a time for giving, we explained some of the main exemptions available to reduce your estate and any IHT liability it may attract. One such exemption, which is potentially the most valuable, is that of “Normal Expenditure out of Income”. […]
25
Apr
Apr
With the digital age well and truly upon us, along with the introduction of agile working during the pandemic, more and more employers need to provide their employees with the correct tools to carry out their work. One such tool is that of communication, whether that entails texting a colleague […]
14
Apr
Apr
Land and property are usually the most expensive assets a person will own throughout their lifetime, whether it is their home, their business premises, or even a holiday getaway in the country. As a result, they often attract the largest tax bills a person might have to pay. These […]
15
Dec
Dec
With Christmas fast approaching you may be stuck for ideas of what to get your nearest and dearest. If the idea of spending a day walking around a busy shopping centre fills you with dread, you may want to consider a cash gift instead. But before you go reaching for […]
11
Nov
Nov
At the start of the pandemic HMRC introduced several tax concessions to provide additional support to employees working from home but what are the tax implications of these additional perks? In the 2020/21 tax year, as an employee you may have received extra support from your employer to enable […]