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 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

New Tax-Free Childcare Scheme

11th July 2017

A new tax-free childcare scheme has been introduced this year allowing around 2 million households to reduce the cost of childcare, including self-employed parents. How does the new scheme work? Parents with children under 12 years old can open an online account and pay in the amounts they would like for childcare provided by a registered childcare provider. For every 80p that is more

What are Enterprise Management Incentives (EMIs)?

5th April 2017

Enterprise Management Incentives (EMIs) are an approved tax-advantaged employee share scheme allowing employers to grant share options to employees, most of the time as a reward for their efforts. It is designed for small companies and is not to be confused with the Enterprise Investment Scheme (EIS), where investors receive tax relief on their investment to small companies. What are the more

UK Tax and Domicile – An Overview

21st February 2017

Is your foreign income taxable in the UK? Whether or not you should declare and pay UK tax on your income earned abroad depends not only on which country you have ‘residence’ status in but also on your ‘domicile’ status. If you are unsure of your UK residence status – that is, whether you are a UK resident or not more