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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 consider why you...

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 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

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 keeping as...

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 - 5% of tax due, or...

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...

Capital Gains Tax

If an individual sells their only or main private residence, any gain is exempt from tax. This includes the garden up to 0.5 hectares, or a larger area if required for reasonable enjoyment of the residence. If the property has not been an individual’s main residence...

Sale of garden

Mr Lynes sold his home but kept part of the garden and applied for planning permission to develop it. Four years later, he sold the garden and claimed main residence relief on the sale. The legislation granting main residence relief is written...

Capital or revenue

One of the terms used regularly in relation to property tax is 'capital vs revenue'. The distinction is important because revenue costs generally qualify for tax relief when working out your taxable profit each year. On the other hand, additions or improvements to the...