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09 Apr 2021

Online Selling - What is my Corporate Social Responsibility?

When we are setting up our business, we often go through our checklist of legal responsibilities such as registering our company with the company’s house, registering with HMRC for taxes such as corporate taxes etc.

06 Apr 2021

Employee Benefits and what are the related taxes?

The announcement in the budget that the income tax thresholds and the personal allowance will be frozen for next few years isn’t seen as an attractive deal for those who pay income taxes. This is because since the thresholds will not change with the inflation rate while the salaries do increase over the time, this will result in people being pushed in the higher income tax brackets.

29 Mar 2021

Social Influencer - Will I be taxed?

Sitting home and making money couldn’t get any easier as it has now.

26 Mar 2021

Contractor and IR 35 - When does it apply to you?

Establishing if you are a contractor or an employee is very important. It will determine if you are within IR35 or outside IR35.

22 Mar 2021

How much salary should I give myself in the tax year 2020-2021?

In the budget announced in March 2021, the threshold for personal allowance has been increased. There is an increase from £12, 500 to £12, 570 in the tax free personal allowance. The basic tax rate bracket has been increased to £37 700. This means that an individual will not pay any tax on its earning till £12, 570 and they will pay 20% on their income up to £37 700.

19 Mar 2021

Selling Property -can I claim Entrepreneurs Relief on its disposal?

If you are selling property which is furnished and used for commercial purposes, you have a good news. You can get entrepreneur’s relief and save money on taxes.

12 Mar 2021

Airbnb income- what tax exemptions can I get?

Airbnb income is taxed in the same way as the any other income is taxed, however, there are some exemptions available. This depends on if you are renting the room in the property that is your main home or it is buy to let property.

12 Mar 2021

Increase in the Personal Allowance- How does it affect you?

In the budget last week, the chancellor, Rishi Sunak announced that there will be an increase in the personal allowance from the tax year starting April 2021 and will remain the same till 2026. This means that the allowance after rising in April 2021 will remain frozen for the next 6 years.

05 Mar 2021

Corporation tax increase by 6% - Will it affect your property business?

In the budget it was announced that there will be an increase in the corporation tax by 6 % from 2023. According to the HMRC website this will affect the 30% of the trading companies which are doing well and making a profit of more than £50 000. ’70% of the actively trading companies will continue to pay tax at 19% making a profit of less than £50 000.’

03 Mar 2021

Reverse Charge explained for Building and Construction industry

If you are a UK VAT registered company suppling building and construction services you should be aware that you must apply VAT reverse charge to your supplies from 1 March 2021.

01 Mar 2021

How will SEISS grant be taxed?

The government has supported the self employed throughout the pandemic with a generous grant under ‘Self employed -income Support Scheme’. The businesses which were affected during the lockdown were given this grant, the third grant given was 80% of the lost income up to a maximum of £7500, paid in a single instalment.

25 Feb 2021

Post Brexit VAT- What should you be aware of if you sell on E bay or Amazon

The exit of UK from the EU has affected the trade across the borders. Many small businesses are facing challenges while importing or exporting goods. The online sellers are worried about implementing the changes and are still not sure how to account for changes especially when it comes to VAT.

Please see the Taxaccolega Chartered Accountants blog archive.

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