Sole trading business is one of the common methods of setting up business in the UK. You can set up a business in the UK as a Sole trader. When this method, the taxpayer and the business are treated as the same person legally. Therefore personal tax is due on the profit made from the […]
THING YOU NEED TO DO TO GET TAX RELIEFS BEFORE THE TAX YEAR ENDS. Tax reliefs could be lost when taxpayers do not take certain actions before the tax year ends! In this blog, I would like to highlight one of the things that you need to do before the tax year ends on the […]
Determining when an individual is tax resident in the UK is very important. The reason is that it determines whether a taxpayer has to pay tax on its worldwide income. The treatment of UK resident or non-resident UK taxpayer doesn’t no change when income is earned in the UK. When income is earned in the […]
In recent times, earning income abroad has become very common in recent times. This is not just due to the recent pandemic but also the new business models that are used by most business. Its has become very popular and common to work and earn money from any part of the world. When does an […]
Travel for work is usually necessary to be able to earn a living and get the work done. In this blog post, I will be writing about when to claim travel expenses when employed. When to claim travel expenses when employed. If your work involves a lot of travel, most times your employer will pay […]
Major changes have been made to mortgage deductions and other financial interest for individuals from April 2020/21. Individuals are no longer allowed to deduct mortgage expenses as an expense when preparing their rental accounts. These changes do not affect properties that are owned by corporate bodies. This change was made 4 years ago and is […]
When an individual has an investment property in the UK, not the house that you are currently live in but one that you let out to someone else and they pay you income for it, that income you receive from the property is taxable. For you to declare this income, you will have to register […]
Bounce back loan scheme was introduced to support businesses going through hard times due to the Coronavirus. This loan is backed by HMRC through the British business bank 100%. The reason why they introduced this loan is that the Coronavirus interruption loan was backed up only 80% was not accessible to business struggling due to […]
Most of the time when we receive our payslip, we do not understand the money that we have been paid or how our net income has been calculated. So, in this blog post, I would like to explain how a taxpayer can decode their payslip. There are various factors that could determine the net income […]
Claiming the use of home as an expense can reduce the tax that a business owner pays or enable an employee to receive tax refunds from HMRC. If you would like to read more on how to calculate the use of home as an expense kindly click. How to claim this expense as a business […]
A lot of business owners and employees are currently working from home due to the Covid 19 pandemic and government advice. In this blog, I have explained the expenses that you could claim to help you to reduce your tax on profit from your business or to enable you to claim tax refund as an […]
Budget 2020 is still in the mind of most UK taxpayers and if you would like to know more about what the newly appointed Chancellor Rishi Sunak said in the budget, this blog post summarises some of the major points that were raised. NO SUPRISES WITH IR35 IN THE BUDGET 2020 A lot of speculations […]
I am a Certified Chartered Accountant with many years of experience, consulting and advising clients on matters relating to accounting, finance and tax
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