Tag Archives: tax advice newcastle

11 reasons to do your tax return before the deadline

tax return

11 reasons to do your tax return before the deadline   Nobody likes to do tax returns, but there are actually some pretty good reasons to do your tax return before the deadline and get it out of the way.     1. Avoid Last-Minute Stress: Getting it done well […]

High Income Child Benefit Charge (HICBC) Updates: What You Need to Know

child benefit

High Income Child Benefit Charge (HICBC) Updates: What You Need to Know   Starting from 6 April 2024, significant changes to the High Income Child Benefit Charge (HICBC) have been introduced. These updates could reduce your tax burden and bring welcome financial relief to many families. Here’s a breakdown of […]

Labour Party’s Tax Plans

Following Keir Starmer’s recent appointment as Prime Minister, we would like to provide you with a summary of the Labour Party’s main tax plans, which we are aware of. With so many claims and counterclaims made by all political parties in the run-up to the General election, it may be […]

Tax Changes for Furnished Holiday Let Property Owners

There are proposed changes to the tax rules relating to Furnished Holiday Let (FHL) accommodation.   For many years taxpayers who own holiday homes which are let out to the public on a commercial basis have benefitted from numerous tax reliefs, providing they meet the conditions of a “Furnished Holiday […]

Navigating the Complexities of Business Tax

Running A Limited Company Guide

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, […]

Van tax

van tax

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 […]

Tax Planning

year end tax planning

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 […]

Repairs and Renewals

repairs and renewal

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 […]

Property Tax legislation

property tax

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 […]