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May 3, 20243 min read
Taxation of company cars in 2024/25 - Outsourced Financial | Outsourced Bookkeeping Services
A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit...
May 3, 20243 min read
VAT records – What do you need to keep? | Outsourced Financial | Outsourced Bookkeeping Services
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to...
May 3, 20243 min read
New VAT thresholds – When must you register and when can you deregister? - Outsourced Financial | Outsourced Bookkeeping Services
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to...
May 3, 20242 min read
Small earnings from self-employment – Tax and National Insurance implications - Outsourced Financial | Outsourced Bookkeeping Services
Small earnings from self employment
May 3, 20243 min read
Extracting profits in 2024/25 - Outsourced Financial | Outsourced Bookkeeping Services
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside...
May 3, 20244 min read
Should I sell before the end of the FHL regime? - Outsourced Financial | Outsourced Bookkeeping Services
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The...
May 3, 20243 min read
Relief for replacement domestic items - Outsourced Financial | Outsourced Bookkeeping Services
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the...
May 3, 20242 min read
HMRC revise stance on replacement boilers - Outsourced Financial | Outsourced Bookkeeping Services
In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of...
May 3, 20243 min read
Post-cessation expenses – When and how are they allowable? | Outsourced Financial | Outsourced Bookkeeping Services
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it...
May 3, 20243 min read
HMRC informers – How important are they in reducing the 'tax gap'? - Outsourced Bookkeeping Services | Outsourced Financial
The 'tax gap' is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue...
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...
Jan 26, 20242 min read
The VAT domestic reverse charge: what your construction business needs to know - Outsourced Bookkeeping Services | Outsourced Financial
The VAT domestic reverse charge came into operation in March 2021, introducing significant changes around how VAT is collected and paid...
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