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Retiring an employee tax efficiently - Bookkeeping Services Manchester | Go Figure Financial
Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000...
Jun 5, 20243 min read
The SDLT supplement and changing your main residence - Bookkeeping Services Manchester | Go Figure Financial
In most cases, a higher rate of stamp duty land tax (SDLT) applies to the purchase of second and subsequent residential properties in...
Jun 5, 20242 min read
VAT and DIY housebuilders - Bookkeeping Services Manchester | Go Figure Financial
A person who buys a new home from a property developer does not have to pay VAT on it as the sale is zero-rated. However, a person who...
Jun 5, 20243 min read
Which home is the main residence? - Bookkeeping Services Manchester | Go Figure Financial
Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains tax on any...
Jun 5, 20243 min read
Advantages of filing your 2023/24 tax return early - Bookkeeping Services Manchester | Go Figure Financial
The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024...
Jun 5, 20243 min read
IHT transferable nil rate bands - Bookkeeping Services Manchester | Go Figure Financial
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which for...
Jun 5, 20243 min read
Five common capital gains tax errors - Bookkeeping Services Manchester - Go Figure Financial
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the...
Jun 5, 20243 min read
Tax-free savings income in 2024/25 - Bookkeeping Services Manchester | Go Figure Financial
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at...
Jun 5, 20242 min read
Cash basis by default - Bookkeeping Services Manchester | Go Figure Financial
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their...
Jun 5, 20242 min read
Taxation of company cars in 2024/25 - Bookkeeping Services Manchester | Go Figure Financial
A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit...
May 3, 20243 min read
VAT records – What do you need to keep? - Bookkeeping Services London | Go Figure Financial
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to...
May 3, 20243 min read
New VAT thresholds – When must you register and when can you deregister? - Bookkeeping Services Manchester | Go Figure Financial
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to...
May 3, 20243 min read
Small earnings from self-employment – Tax and National Insurance implications - Bookkeeping Services London | Go Figure Financial|
Small earnings from self employment
May 3, 20242 min read
Extracting profits in 2024/25 - Bookkeeping Services Manchester | Go Figure Financial
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside...
May 3, 20243 min read
Should I sell before the end of the FHL regime? - Bookkeeping Services London | Go Figure Financial
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The...
May 3, 20244 min read
Relief for replacement domestic items - Bookkeeping Services Manchester | Go Figure Financial
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the...
May 3, 20243 min read
HMRC revise stance on replacement boilers - Bookkeeping Services London | Go Figure Financial
In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of...
May 3, 20242 min read
Post-cessation expenses – When and how are they allowable? - Bookkeeping Services Manchester | Go Figure Financial
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it...
May 3, 20243 min read
HMRC informers – How important are they in reducing the 'tax gap'? - Bookkeeping Services London | Go Figure Financial
The 'tax gap' is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue...
May 3, 20243 min read
Partnerships – Cessation on death of a partner - Bookkeeping Services Manchester | Go Figure Financial
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by...
May 3, 20243 min read
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