Category: Income Tax

Trivial Benefits

Home › Trivial Benefits Trivial Benefits Employees react well to lit tle rewards from their employer, especially if the treat is unexpected and seen as a genuine “thank you”. These occasional trivial benefits can be provided tax free if all four of

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Selling a let property

Many landlords are deciding to sell their residential properties. From 6th April 2020, none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead, the landlord receives a tax credit equal to

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Marriage Allowance

The UK tax system is based on the independent taxation of each individual so it is difficult to reward couples for being married, but the marriage allowance attempts to do that. It is a transfer of 10% of the personal

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Winding Up

If you have stopped trading through your own personal limited company and have no further use for it you could sell the shares or wind it up taking out any value as cash. There is a very limited market for

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Loan Charge

Sometimes past decisions can come back to haunt you. If you were persuaded to take a loan in place of part of your pay in the past and you have not repaid it, you may now be liable to pay

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Start up planning

It is very tempting, when starting a new business, to think only about the day to day trading, and opt for the cheapest method of starting-up by opting for free-banking and avoiding the “perceived” expense of solicitors and accountants. A

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Child Benefit Claw Back

The high income child benefit charge (HICBC) was introduced in January 2013 to claw back child benefit where the highest earner in the family has total net income of £50,000 or more. The full amount of the benefit is clawed

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Self Employed Travel Expenses

As a self-employed trader, do you diligently record the mileage for every business journey you take? This attention to detail is necessary to convince HMRC that the cost of the journey is tax deductible. There are several apps which can

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Tax Cuts & Cliff Edges

There was good news for individual taxpayers in the Budget; the personal allowance will rise from £11,850 to £12,500 on 6 April 2019. This will provide taxpayers on the basic rate (20%) with an income tax saving of £130 per

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Tax Data 2019/2020

All figures are annual amounts (For English taxpayers) Allowances Personal allowance £12,500 Allowance withdrawn from £100,000 Transferable marriage allowance £1,250 Trading income £1,000 Property income £1,000 Rent-a-room £7,500Tax on earnings Earnings to £37,500 20% £37,501 to £150,000 40% Over £150,000

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