If you are sole trader and need a vehicle for work, you have the following options – Usage of personal vehicle You can use your personal vehicle for business purposes and claim tax relief on the cost of doing so. There are two methods of working out your vehicle expenses Claiming flat rate expenses is […]

The Government has revealed plans to raise company size thresholds by up to 50%, aiming to reduce regulatory burdens on businesses’ reporting. This initiative is part of a broader package of measures. These adjustments are slated to come into force for businesses commencing their financial year on or after October 1, 2024.  The adjustments are […]

The Chancellor’s Spring Budget 2024 announced a 2% cut in the main rates of National Insurance for both employees and the self-employed from 6 April 2024. Class 1 NIC Class 1 NICs apply to those with annual earnings between £12,570 and £50,270, currently at a rate of 10% (reduced from 12% in the Autumn 2023 […]

You may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’, if you have an individual income over the threshold. Up until 2023/24 tax year, the threshold was £50,000, however, in the Spring budget of 2024, the government has increased the threshold to £60,000. So, if either: and you earn […]

Introduction When you take time off because your partner’s having a baby, adopting a child or having a baby through a surrogacy arrangement you might be eligible for: Amount of leave If the baby is due before or on 6 April 2024, you can choose to take either 1 or 2 weeks’ leave. You must […]

Mileage Allowance Payments (MAPs) are what you pay your employee for using their own vehicle for business journeys. You’re allowed to pay your employee a certain amount of MAPs each year which are exempt from tax. This is called an ‘approved amount’. Here is a breakdown of the ‘approved amount’, it does not matter if your employee […]

Marriage and civil partnerships offer financial advantages through strategic tax planning. By leveraging these 5 tax strategies, couples can optimise their finances and maximise tax savings: 1. Utilise Marriage Allowance: Couples with one partner earning under £12,570 can transfer up to £1,260 of their unused personal allowance to the higher earner, increasing the tax-free income […]

Businesses engaged in Research and Development (R&D) projects can leverage Corporation Tax relief on eligible project costs, provided they align with HM Revenue and Customs (HMRC) R&D criteria. Recent adjustments to the R&D tax relief scheme by HMRC have introduced new procedures. While companies are adapting to the mandatory ‘Additional Information Form’ implemented on 8th […]

On 6 March 2024, chancellor Jeremy Hunt delivered his budget speech and secured his place in the tax history books by announcing the government would end the non-domicile tax regime. The government’s published budget statement says that the non-domicile tax regime will be abolished and replaced with a fairer system from April 2025, where new arrivals to […]

Overseas Workday Relief is a tax relief available to UK Non-Domiciles utilising the remittance basis of taxation who work abroad during the tax year. It effectively enables a non-domicile to legitimately avoid paying tax on earnings from a UK employment when duties are performed wholly or partly overseas. This relief is available for the initial year of residence […]