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Articles tagged with: tax relief

annual »

[24 Feb 2015 | Comments Off on The New Marriage Allowance | ]
The New Marriage Allowance

The new Marriage Allowance is set to come into force on 6 Apr 2015 when the new tax year starts. It was announced in last year’s Budget when David Cameron and George Osborne made a big deal about it . . .

Prime Minister David Cameron: “I made a clear commitment to the British people that I would recognise marriage in the tax system.”
Chancellor of the Exchequer George Osborne: “Our new Marriage Allowance means saving £212 on your tax bill couldn’t be simpler or more straightforward.”

However, it is not as simple …

one offs »

[8 Aug 2013 | No Comment | ]
Pre Trade Expenses

I’ve only just registered my business, can I claim pre trade expenses which I paid personally?
The basic principal is that “if you paid for something in the knowledge that you were starting a business, and the prime motive for buying this something was to enhance that business, then it is a business expense” and (subject to a three year time limit) you can claim for it. That applies to both goods and services, and in order to claim the full cost you must satisfy both parts of this test, that …

one offs »

[18 Mar 2011 | One Comment | ]
How to do your tax return yourself

The standard Self Assessment (SA) tax return
You don’t need a tax expert or an accountant to do a tax return for you, and there are a number of ways to handle this yourself.

The HMRC web site
Software designed for consumers
The original paper forms

Bear in mind though that if you get a Self Assessment (SA) tax return, you have an obligation in law to complete it and to submit it on time. And, if they don’t send you a return or if you don’t have a Unique Taxpayer Reference (UTR) then they …

on the bridge »

[9 Dec 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/8QfLLj

Claiming tax relief on the big things

All businesses can claim tax relief on business expenses. That can include items that you bought before the business started! Do you have a laptop, and any other IT kit? Is your office equipped with a desk, a chair and a book case? Here’s a typical list of things that you might be introducing. There may be things on this list that you should ignore, and there may be other special things (in …

routine »

[21 Oct 2009 | One Comment | ]

You can link directly to this article using the short URL http://bit.ly/27bvg8

Pretending you’re an employee again!

If you have ever been employed and had to submit expense claims, you will be familiar with this process. Now that you’re a director of your own limited company, you need to follow the same sort of process that regular employees have to follow. It’s done this way, because you are trying to keep corporate matters corporate and private matters private!
The best thing would be to get all your suppliers to bill the company directly, …

routine »

[23 Sep 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/2pZuX3

Can I claim tax relief and claim back my VAT?

Any business with a bad debt will naturally try to take steps to try to recover it. However, eventually you have to take a view on these things and perhaps write it off. If you go about this the right way you can claim bad debt relief and your tax bill may be reduced, and you could also claim back the VAT (assuming you’re registered for VAT).
Go about it the …

routine »

[10 Jun 2009 | One Comment | ]

The Self Employed
We are often asked about the sorts of things that self employed businesses can claim for, in order to reduce their tax bills. Unhelpfully, UK law says that “you can claim for expenses incurred in the course of running your business” and there is no further explanation! The reality is that a working practice has evolved and both the tax office, and accountants as a whole, have a feel for what is right.
When you start in business, the best approach is to record everything. The example profit and …