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Making good use of the £1000 property allowance
A new property allowance of £1,000 was introduced from 6 April 2017. The allowance means that individuals with income from property of less than £1,000 do not need to pay tax on that income. Further, they do not need to tell HMRC about it. The allowance is available in addition to the personal allowance (and other allowances, such as the marriage allowance, to which the individual is entitled).
The Basics of Inheritance Tax
Inheritance tax (IHT) is starting to be more of a concern to many people. Most estates (the assets you leave when you die) are still not charged with inheritance tax, as the total value is not high enough, but more estates are being dragged into the IHT net because of property prices. However, with sensible planning a lot can be done to mitigate the effects of IHT.
Make use of the capital gains tax inter-spouse exemption
There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates the transfer of assets between spouse and civil partner for capital gains tax purposes.
Enterprise Investment Scheme
The Enterprise Investment Scheme provides for some significant income tax and capital gains tax reliefs for individual investors in unquoted trading companies.
VAT reverse charge in the construction industry
Autumn Budget 2018 announced a new measure, designed to counter fraud in the construction industry, which has seen gangs of criminal traders artificially extending the chain of supply of labour services, then failing to account for all the output VAT due to HMRC by collecting the VAT on the supplies (sales) and then going "missing" before passing the VAT on to HMRC.
How to get the most out of Xero right from the start
When you start using Xero, you’ll wonder how you ever managed without it. We’re big fans here at PMA Accountants and know how happy clients are when they can see their cash flow situation whenever they want, send online invoices, pay bills and run their businesses more effectively.
How do I apply for Gross Payment Status? – CIS contractors
If you have a CIS registered limited company, obtaining gross payment status will allow you to be paid a gross amount rather than being taxed at 20% (CIS registered) or 30% (non-CIS registered).
How to get your SA302 for mortgage applications
How to get proof of earnings for mortgage or loan applications.
Obtaining Gross CIS Payment Status
Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile.
Making Tax Digital
Many businesses need to start preparing for the major changes that the government’s Making Tax Digital project will impose from April 2019. Preparation for these changes will take time, additional support, and for some businesses the implementation of new accounting software and processes. Therefore it is important to involve your accountants now as they can help facilitate, support, recommend and implement changes to make the transition as smooth as possible.
The Tax Advantages of Self-Employment
This helpsheet gives you an outline of what it means to work for yourself as a self-employed person. There are a number of advantages of being self-employed, but you must also comply with various regulations including the tax law.
Using a Limited Company to Save Property Tax
The analysis of whether it is beneficial for a property investor to use a limited company can be complex and this helpsheet aims to identify some of the key advantages in considering a limited company for this purpose.
What Expenses Can I Claim Through a Limited company
As the Director of your own limited company, you can claim expenses on costs you have incurred on certain business-related items and activities. Are you aware of the limited company expenses you may be able to claim?
Travel and Subsistence Expenses
The tax treatment of travel and subsistence expenses can be surprisingly complicated. The starting point is that employees are entitled to tax free payments for a business journey. The employer can either pay the employee tax free for the cost incurred or the employee can claim for tax relief on any shortfall through their tax return.
Personal Tax Account
What is a Personal Tax Account? How do I get one? What can I do with it?