Blog

28 Jan 2025

The tax implications of buying a commercial property at auction

Purchasing a commercial property at auction is a common occurrence. Although usually the sale or lease of a commercial property is exempt from VAT, sometimes the commercial property listed for auction is being sold in circumstances where the question of whether a charge to VAT arises.

24 Jan 2025

When would taking benefits in kind be more tax efficient than salary and dividends?

For many years the most tax-efficient method of withdrawing monies from a company by a sole director/owner has been to take salary up to the employer's secondary employer's NIC limit, with the balance taken as dividends. However, since July 2022, this standard calculation has changed such that withdrawing profits in the form of benefits in kind (BIK) may now be a consideration.

22 Jan 2025

Tax implications where an employer provides a van to an employee

Benefits in kind (BIK) are goods and services provided to an employee (or a member of their family or household) for free or at significantly reduced cost. The type of benefit and the way it is provided can affect the tax and NICs to be paid and the reporting requirements.

20 Jan 2025

Planned changes to agricultural property relief

Protests by farmers following the October 2024 Budget have catapulted agricultural property relief (APR) into the spotlight. But what is the relief, who can benefit and how is it changing?

17 Jan 2025

Gift the holiday let by 5 April 2025 to benefit from hold-over relief

The favourable tax regime for furnished holiday lettings is to come to an end on 5 April 2025. This will mean that landlords of furnished holiday lettings will lose access to a range of valuable capital gains tax reliefs, including gift hold-over relief.

15 Jan 2025

When a dwelling is uninhabitable

Stamp duty land tax (SDLT) is charged at the residential rates on residential property and at the non-residential rates on non-residential or mixed property.

13 Jan 2025

What to do if you cannot pay your tax bill

As the cost of living crisis continues to bite, you may find that come 31 January 2025 you are struggling to pay your Self Assessment tax bill.

09 Jan 2025

Using the VAT flat rate scheme

The VAT flat rate scheme is a simplified flat rate scheme which can be used by smaller businesses to save work. Under the scheme, businesses pay a set percentage of their VAT inclusive turnover to HMRC rather than the difference between the VAT that they charge and the VAT they suffer on the goods and services that they buy.

07 Jan 2025

Is it worth paying voluntary Class 3 NICs?

The payment of National Insurance contributions is linked to entitlement to the state pension. If sufficient National Insurance contributions of the right type are paid for a tax year, that year counts as a qualifying year for state pension and benefit purposes.

03 Jan 2025

Using ISAs to benefit from tax-free savings income

A combination of higher interest rates and stealth taxation may mean that you are now paying tax on savings income for the first time. If this is the case, it may be worth taking out an Individual Savings Account (ISA) to enjoy more of your investment income tax-free.

02 Jan 2025

What expenses can you deduct if you are self-employed?

If you are self-employed, you will pay tax on your taxable profit. In working out your taxable profit, you can deduct certain expenses that you have incurred in running your business. The basic rule is that expenses can be deducted if they are incurred wholly and exclusively for the purposes of the trade.

30 Dec 2024

Pre-trading loan trap – sole trader v company tax relief

Many start-up businesses take out loans to get going, e.g. to purchase stock needed to sell, or to make the first rent payment or rent deposit.

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