HMRC is cracking down on company directors suspected of not declaring their taxable income from dividends. If you're receiving dividends, it's time to pay attention! HMRC is sending letters to company owners as a friendly nudge to declare any dividend income that...

Business rates are charged on most non-domestic properties, like: Shops Offices Pubs Warehouses Factories Holiday rental homes or guest houses You’ll probably have to pay business rates if you use a building or part of a building for non-domestic purposes. What to pay...

How to treat Input Tax: Pre-registration, Pre-incorporation and Post-deregistration claims to Input Tax under Regulation 111? Background Only a person who is already registered for VAT can exercise the right to deduct input tax. However, there are certain...

Earnings from employment that you earn in a year for which you are resident in the UK are taxable in the UK when you receive those earnings. During the tax year, the earnings which relate to duties you perform overseas in that year are foreign earnings if: 1. you’re...

Taxpayers may need to complete a tax return if they: Are newly self-employed and have earned more than £1,000. Have multiple sources of income. Have received any untaxed income, for example earning money for creating online content. Earn more than £100,000 a year....

HM Revenue & Customs (HMRC) has modernized Child Benefit claims by introducing a fully digital process, as detailed in their official announcement dated January 3, 2024:

Being a separate legal entity, the money within a company’s bank account belongs to that company, not the owners or directors. Tempting though it is for a business owner to help themselves to the company’s profits, they cannot do so unless it is declared as a dividend or paid as a salary or pension.

In the dynamic realm of cryptocurrency, staying informed about evolving tax regulations is paramount. Here’s a concise breakdown of key considerations and recent developments provided by HMRC:

The tax legislation states that a deduction from rental profits is allowable for expenses incurred ‘wholly and exclusively’ for the purposes of the business. This short and general provision has resulted in uncertainty and case law disputes between taxpayers and HMRC over the years.

As the festive season approaches, it’s crucial to ensure that the joy of your staff Christmas party doesn’t lead to unexpected tax liabilities. Here’s a quick guide to potential tax pitfalls and how to navigate them: