Tax and accounting treatment for website development costs

9th April 2020

Planning on building or updating the website for your company? Not sure how to account or tax the website development costs? Does it go under profit and loss and count as an expense? Or does it go on the balance sheet and count as an asset? Haven’t a clue how to answer those questions? Don’t worry, you’ve come more

Travelling Abroad and Duty Free Limits

22nd August 2019

If you are travelling abroad this summer, it’s good to bear in mind the amount of goods that you can bring back to the UK without having to pay UK tax.When travelling to EU Countries:If you are coming back from an EU country, you can bring back an unlimited amount of most goods as long as they are for your more

What Are the Advisory Fuel Rates for Company Cars?

14th August 2019

 Advisory Fuel Rates (AFRs) are the rates recommended by HMRC to assist businesses either in reimbursing employees for using company cars for business travel or in being reimbursed back by employees for fuel costs for private travel when using a company car.The rates that apply from 1 June 2019 are:(please note that you can use the previous rates for up more

What is a Rent A Room Relief?

9th August 2019

The Rent a Room relief is an optional scheme that allows you to earn up to £7,500 a year tax-free (or £3,750 if you’re letting jointly) when you let out furnished accommodation to a lodger in your main home and you are also living in the accommodation for at least some of the time that the accommodation is let.Claiming the more

What is the Annual Tax on Enveloped Dwellings (ATED)?

25th June 2018

ATED is an annual tax charge on Enveloped Dwellings payable by companies, partnerships with corporate members and collective investments vehicles that own a UK residential property valued at £500,000 or above.When do I need to submit my ATED return and are there any penalties?If the property falls within the ATED charge, a return must be submitted to HMRC by more

What you need to know about tax changes taking effect from 6 April 2018

6th April 2018

The new tax year starts on 6th April and with it comes changes to the tax rates and thresholds.Below we have summarised what we consider the most important changes. Dividend Allowance:The tax-free dividend allowance will be reduced from £5,000 to £2,000 per year for 2018/19 onwards. This will mostly affect directors of small businesses who pay themselves through dividends rather than more

Budget 2017, Episode 2

23rd November 2017

Leading up to yesterday’s Budget there was speculation that Philip Hammond would announce some major shake-ups to certain aspects of the taxation system. This was fuelled by the Budget earlier in the year being relatively uneventful and the political environment having changed substantially in the months since then. However, save for one change, the Chancellor of the Exchequer delivered another more

‘Staircase tax’ sees business rates on the rise

13th September 2017

Many small businesses have been on the receiving end of substantial business rate bills this year, as the government’s Valuation Office Agency (VOA) has started to act on the implications of a 2015 Supreme Court ruling that was delayed by two years. Some businesses which operate from different rooms or floors have seen particularly large increases in their bills, which more

Couples – beware of the stamp duty surcharge

30th August 2017

Are you or your spouse/civil partner considering purchasing a property? If so, it may be subject to the higher rate of Stamp Duty Land Tax (SDLT). Before delving in to the detail, let’s first remind ourselves of what SDLT is. In simple terms, it is a tax on the purchase of land and property which is calculated as a percentage of more