Are training costs tax deductible for the self-employed? HM Revenue & Customs has recently updated and clarified its guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred…
Welcome to our April Tax Update In this edition we take a look at the changes for the new tax year, child benefit claims, cash accounting, changes to the Basis of Assessment, Making Tax Digital, holiday lettings, capital allowances and R&D. HAPPY NEW TAX YEAR! In this April issue we…
What you need to know When there are several shareholders, a new company is being formed, a shareholder wants to pass their shares or pass them to their children, someone is nearing retirement, or the company has borrowed money from a shareholder, issues can easily arise that jeopardise the continued…
Understanding the pros and cons of the VAT Flat Rate Scheme for businesses Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses – with a VAT exclusive turnover…
Exploring the tax implications of trading as a Sole Trader against registering as a Limited Company When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader…
In our ‘Insight’ on 16th February, we highlighted some advice from HMRC and the National Cyber Security Centre on Tax Scams and using online services. This week, we look into their warnings regarding tax refund scams and the use of QR Codes to phish for business information. HMRC warns about…
Some self-catering holiday let owners are being asked to provide trade information The Valuation Office Agency (VOA) is contacting the owners of some self-catering holiday lets. The lets in question are ones that are currently being assessed for business rates. The VOA are looking for additional information about the income…
With the rise in scams hot in the news recently, we take a look at guidance from HMRC and the National Cyber Security Centre on what to look out for to help protect yourself and your business from scammers. How to recognise tax scam phone calls, emails and text messages…
Maximising benefits for your business We are now within the final two months of the tax year, and for many businesses, the end of the tax year is also the end of the business’s financial year. This can be a good time to review your business tax planning to ensure…
Unlocking the value of your business Cornwall Insight predicts a decrease in domestic energy prices this April, potentially followed by a Summer dip. This welcome news could ease inflation, a major contributor to the UK’s economic woes. Lower energy costs might lead to reduced interest rates, fostering a more optimistic…