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Big Mouthfuls Often Choke

Big Mouthfuls Often Choke

If you’re self-employed and you travel on business, it’s useful to know which expenses are tax deductible. If you get it wrong, you could pay too much tax, or maybe find yourself in trouble with HMRC for paying too little tax. Above all you need to...
Give yourself a (tax) free gift

Give yourself a (tax) free gift

There is an exemption from tax and National Insurance for benefits with a value up to £50 each provided to employees and directors. There is no limit to the number of benefits which can be given to an employee, but there is a limit of £300 per year for directors or...
There is such a thing as a (tax) free lunch

There is such a thing as a (tax) free lunch

There is no tax charge for the provision of meals for directors or employees, provided the meal is provided either in a canteen or on the employer’s premises, it’s on a reasonable scale, and it’s available to all employees. So, does that mean family companies without...
Making Tax Digital

Making Tax Digital

From April 2019 all VAT returns will need to be submitted through software, under HMRC’s Making Tax Digital programme. It will no longer be possible to submit returns through HMRC’s website. I use Quickbooks Online and Receipt Bank to help make your record...
Penalties

Penalties

Penalties for late filing of Income Tax, Capital Gains Tax, and Corporation Tax returns are as follows: Missed filing deadline – £100; 3 months late – £10 per day for up to 90 days; 6 months late – 5% of tax due, or £300 if greater; 12 months late...
Divorce

Divorce

There is no general tax exemption on divorce, although there are some specific reliefs available. Maintenance between ex-spouses is always tax free for the recipient, but no tax relief is given to the payer unless either spouse was born before 1935. Marital home...