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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, 20243 min read
Small earnings from self-employment – Tax and National Insurance implications - Outsourced Financial | Outsourced Bookkeeping Services
Small earnings from self employment
May 3, 20242 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, 20243 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, 20244 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, 20243 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, 20242 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...
May 3, 20243 min read
Partnerships – Cessation on death of a partner - Outsourced Bookkeeping Services | Outsourced Financial
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by...
May 3, 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, 20243 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, 20242 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, 20243 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, 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, 20242 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, 20243 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...
Apr 17, 20242 min read
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