Category Archives: Tax

2018 BUDGET HIGHLIGHTS AND ITS EFFECTS ON SMALL BUSINESS

Looking for the Budget highlights 2018 and its effect on self-employed and small businesses?  To get the better understandings of chancellor’s announcement and its possible consequences on the UK’s freelancers, contractors, and small business owners, take a look at this…

TAX DEBATE: COMPANY CAR OR CAR ALLOWANCE?

Just few years back, the Company Car was considered as one of the best employee benefits packages, but now tax on company cars continue to rise therefore, a number of businesses are deciding to take the alternatives. The most common…

WHO NEEDS TO COMPLETE A SELF-ASSESSMENT TAX RETURN?

In this blog, we will help you out to know who needs to fill out a self-assessment tax returns which has to be submitted to HMRC. If you are the one who is running a business in the UK then…

HOW TO ACCOUNT FOR DIRECTORS LOAN TO COMPANY

Companies are often funded by loan from directors; which is either willingly done or when other sources of finance are hard to come by. Either way, directors loan to company are technical accounting issues with many legal and tax pitfalls….

ONLINE SERVICE FOR TAX CREDITS PAYMENTS AND CHILD TAX CREDIT PAYMENTS

You can use online service provided by the UK government to manage your tax credits payments. You will be required to have a government Gateway account and a permanent National Insurance number in order to use this service. By registering…

WHAT IS SA102 FORM?

There are many supplementary forms available to be filled along with primary self assessment, to cover your various income categories. You will be completing Form SA102, to record all your income from employment or from directorship. If you have more…

WHAT IS BUSINESS ASSET ROLL OVER RELIEF?

Business Asset roll over relief is the deferment of capital gains tax due on dispose of old assets until and unless the new assets that replace the old ones are also sold. If Mr John sells his business van for…

What is a P50 form?

A person may cease to work due to a number of reasons and circumstances. It may include retirement, redundancy by employer, return to education, cessation of a contract term or being unemployed. For purposes of tax, HMRC counts from 6th…

WHAT IS CAPITAL GAINS TAX GIFT HOLD OVER RELIEF?

If you transfer business assets or in some cases shares to the buyer at less than present value to help him/her, you can claim Gift Holdover Relief. Essentially Gift Hold Over Relief means you do not have to pay capital…

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