June 2024 - Page 2 of 4

20 Jun 24

Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. As a general rule you can claim for

20 Jun 24

Post cessation transactions

Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense must have been deductible

20 Jun 24

Reclaiming pre-trading VAT

There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of VAT is known as pre-registration input VAT. There are

17 Jun 24

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not. If you are not registered

17 Jun 24

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs. HM Revenue and

13 Jun 24

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete,

13 Jun 24

Self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during

13 Jun 24

Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT)

13 Jun 24

Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results

13 Jun 24

Correcting errors in VAT returns

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a

Month: June 2024

Tax relief for training costs

Post cessation transactions

Reclaiming pre-trading VAT

Are we unpaid tax collectors?

Child Benefit for 16 – 19 year olds

Multiple Dwellings Relief for SDLT

Self-assessment payments on account

Non-resident UK property sales

Interest on children’s savings

Correcting errors in VAT returns

Who pays Income Tax in Scotland

Defer paying Class 1 National Insurance on a second job

Work out your VAT fuel scale charge

SJPR