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Training costs and the self-employed - Bookkeeping Services London | Go Figure Financial
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether...
Apr 17, 20243 min read
Reform of the High-Income Child Benefit Charge - Bookkeeping Services Manchester | Go Figure Financial
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their...
Apr 17, 20242 min read
Make the most of your ISA allowance - Bookkeeping Services Manchester | Go Figure Financial
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free....
Apr 17, 20243 min read
Income tax rates and allowances for 2024/25 - Go Figure Financial | Outsourced Bookkeeping Services
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some...
Apr 17, 20242 min read
NIC cuts and what they mean for you - Go Figure Financial | Outsourced Bookkeeping Services
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National...
Apr 17, 20242 min read
Business rates for 2024/25 and changes to empty property relief - Go Figure Financial | Outsourced Bookkeeping Services
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant...
Apr 17, 20243 min read
End of multiple dwellings relief for SDLT - Go Figure Financial | Outsourced Bookkeeping Services
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June...
Apr 17, 20243 min read
Reduction in higher rate of capital gains tax on residential property gains - Bookkeeping Services Manchester | Go Figure Financial
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate,...
Apr 17, 20243 min read
Employer-provided equipment – Tax implications for employees of working from home
Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January...
Apr 17, 20242 min read
Advertising or promotion verses entertainment or hospitality – Which is allowable?
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and...
Apr 17, 20243 min read
The confusion surrounding the VAT reverse charge - Bookkeeping Services Manchester | Go Figure Financial
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help...
Apr 17, 20243 min read
Understanding your tax code - Bookkeeping Services Manchester | Go Figure Financial
Tax codes are fundamental to the operation of PAYE. If your tax code is correct, you should pay the right amount of tax on your PAYE...
Apr 17, 20243 min read
Making use of your inheritance tax allowances - Bookkeeping Services Manchester | Go Figure Financial
It is often said that inheritance tax (IHT) is a voluntary tax, and one that can be avoided if you give away sufficient assets at least...
Apr 17, 20243 min read
Check your National Insurance record - Bookkeeping Services Manchester | Go Figure Financial
Paying National Insurance contributions allows individuals to earn qualifying years, which in turn provides them with entitlement to the...
Apr 17, 20243 min read
Selling online – When do you need to tell HMRC? - Bookkeeping Services Manchester | Go Figure Financial
Earlier in the year, it was erroneously reported in the press that new tax rules were coming into force which would mean that anyone...
Apr 17, 20242 min read
Calculating the capital gain on the sale of an investment property - Bookkeeping Services Manchester | Go Figure Financial
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the...
Apr 17, 20243 min read
Inflationary gains and the CGT trap - Bookkeeping Services Manchester | Go Figure Financial
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or...
Apr 17, 20242 min read
Boost your income by letting out your spare room - Bookkeeping Services Manchester | Go Figure Financial
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make...
Apr 17, 20242 min read
Splitting a company – Tax efficiently - Bookkeeping Services Manchester | Go Figure Financial
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work...
Apr 17, 20243 min read
Work clothes – Can they be claimed against tax? - Bookkeeping Services Manchester | Go Figure Financial
Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by...
Apr 17, 20243 min read
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