Recent Government introduction of Tax Free Childcare has led to parents assessing their current arrangements. There is still a lot of confusion regarding which option may be best suited to individual circumstances.
We are now in the new 2018/19 tax year and a number of changes have been made to tax thresholds and rules which affect contractors, freelancers and small business owners. It is important to keep up with changes in order to manage your finances and remain tax efficient. To help, we’ve put together a quick guide to some of the changes for this financial year.
With interest rates low and house prices steadily rising, investing in property is often thought of as the ideal money making opportunity – and an easy, safe bet. It is no wonder then that if you have a little bit of money to invest you are lured by the thought of a regular income, or a boosted retirement pot. However, many do not consider, or are not aware of, all the tax implications they face.
Business owners make charitable donations as a way to reduce their tax bill, whilst contributing to their charity of choice. Terms and conditions apply though so it is important to understand the tax rules and regulations before making your donation, to ensure you maximise your tax position. Find out about how it works for sole traders and limited companies.
Tax and accounting are often not welcome tasks for photographers, who invariably prefer spending their time being creative. It often becomes the last task on the list and subsequently there can be some pressure around deadlines if things are left until the last minute. Fortunately, help is available and technology allows for an easier ride these days. Find out tips for completing your tax in a hassle-free way.
The self-assessment tax system requires you to pay a tax payment on account in July. It is an estimate based on last year's tax and the payment goes towards your next tax bill in January 2018. Unless your tax is minimal then a payment on account will be required and if it is, it is advisible to pay it. Unless your situation has changed though - then you can file a form to reduce your payment on account. Find out more...
The 2017 general election, called just a matter of weeks ago by Conservative party leader Teresa May, is just days away. The polls are suggesting that the initial Tories lead has diminished as the gap closes, making the result unpredictable. If there isn't a clear victory then a hung parliament will certainly require compromise and trade-offs regarding the differing opinions of each party. Here we look at the main tax related points from each manifesto.
With the change from one tax year to the next comes a range of different tax rates, allowances and thresholds that can change the way in which you manage your taxes. A company director is typically paid a salary from the limited company, which is calculated very specifically to maximise tax-efficiency. Should you therefore increase or decrease your salary in this new tax year?
It is natural for friends and family to want the best for you, and quite often they take the opportunity to give advice based on their own circumstances. Once upon a time incorporation was, more often than not, the sensible option for a business once it's profits reached a certain level. However, in recent years changes to tax legislation means that many of the tax breaks no longer exist. Are there any remaining related tax benefits?