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Jul 4, 20242 min read
Tax implications of letting out your drive - Bookkeeping Services Manchester | Go Figure Financial
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done...


Jul 4, 20243 min read
Letting through a company - Bookkeeping Services Manchester | Go Figure Financial
The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished...


Jul 4, 20242 min read
‘Brightline’ test for FHLs ruled out - Bookkeeping Services Manchester | Go Figure Financial
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that...


Jul 2, 20242 min read
Tax relief on charitable donations - Bookkeeping Services Manchester | Go Figure Financial
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If...


Jul 2, 20243 min read
Setting up as a sole trader - Bookkeeping Services Manchester | Go Figure Financial
The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for...


Jul 2, 20243 min read
Will paying voluntary NICs boost your pension? - Bookkeeping Services Manchester | Go Figure Financial
To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or...


Jul 2, 20243 min read
Investing the proceeds from the sale of the family home and the IHT gifts from income exemption - Bookkeeping Services Manchester | Go Figure Financial
For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of a...


Jul 2, 20243 min read
Do you now need to pay tax on your dividend income? - Bookkeeping Services Manchester | Go Figure Financial
The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first time. The...


Jun 5, 20243 min read
Do you have to take a dividend? Reasons why not to - Bookkeeping Services Manchester | Go Figure Financial
Many directors believe they have an absolute right to monies deposited in a company's bank accounts. However, payment cannot just be...


Jun 5, 20243 min read
Tax implications of company failure - Bookkeeping Services Manchester | Go Figure Financial
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest...


Jun 5, 20243 min read
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, 20242 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, 20243 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, 20242 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...


May 3, 20243 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...
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