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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
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
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...


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, 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, 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...


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...
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