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Apr 17, 20243 min read
Training costs and the self-employed - Bookkeeping Services London | Outsourced Financial | Outsourced Bookkeeping Services
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether...


Apr 17, 20242 min read
Reform of the High-Income Child Benefit Charge - Outsourced Bookkeeping Services | Outsourced Financial
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their...


Apr 17, 20243 min read
Make the most of your ISA allowance - Outsourced Financial | Outsourced Bookkeeping Services
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free....


Apr 17, 20242 min read
Income tax rates and allowances for 2024/25 - Outsourced Financial | Outsourced Bookkeeping Services
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some...


Apr 17, 20242 min read
NIC cuts and what they mean for you - Outsourced Financial | Outsourced Bookkeeping Services
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National...


Apr 17, 20243 min read
Business rates for 2024/25 and changes to empty property relief - Outsourced Financial | Outsourced Bookkeeping Services
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant...


Apr 17, 20243 min read
End of multiple dwellings relief for SDLT - Outsourced Financial | Outsourced Bookkeeping Services
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June...


Apr 17, 20242 min read
Inflationary gains and the CGT trap - Outsourced Financial |Outsourced Bookkeeping Services
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or...


Apr 17, 20242 min read
Boost your income by letting out your spare room | Outsourced Financial | Outsourced Bookkeeping Services
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make...


Apr 17, 20243 min read
Splitting a company – Tax efficiently | Outsourced Financial | Outsourced Bookkeeping Services
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work...


Apr 17, 20243 min read
Work clothes – Can they be claimed against tax? - Outsourced Financial | Outsourced Bookkeeping Services
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by...


Apr 17, 20242 min read
Incidental overnight expenses – A little known tax break | Outsourced Financial | Outsourced Bookkeeping Services
Expenses incurred by an employee on behalf of a company can only be reimbursed under the 'wholly, exclusively and necessarily' rules for...


Feb 1, 20243 min read
HMRC's use of artificial intelligence –How AI is assessing the risk of tax evasion by businesses - Outsourced Financial | Outsourced Bookkeeping Services
We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and...


Feb 1, 20243 min read
Working for an umbrella company –Be aware of the risks - Outsourced Financial | Outsourced Bookkeeping Services
Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an...


Feb 1, 20243 min read
Pre-trading expenses –Be aware of the rules - Outsourced Financial | Outsourced Bookkeeping Services
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working towards...

Feb 1, 20243 min read
NMW from April 2024 – Make sure you comply - Outsourced Financial | Outsourced Bookkeeping Services
Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be...


Feb 1, 20242 min read
Register to payroll benefits in kind - Outsourced Financial | Outsourced Bookkeeping Service
Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC...


Feb 1, 20243 min read
Relevant motoring expenditure and NIC – Are you due a refund? - Outsourced Financial | Outsourced Bookkeeping Services
For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which...


Feb 1, 20242 min read
Making pension contributions before 6 April 2024 - Outsourced Financial | Outsourced Bookkeeping Services
As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth...


Feb 1, 20243 min read
Extracting further profits in 2023/24 | Outsourced Financial | Outsourced Bookkeeping Services
As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the...
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