There are many different legal and professional fees with some being tax deductible and others not, so it can get quite difficult to understand what can be claimed. If you have incurred legal fees on tax matters, these cannot usually be claimed for tax. This is because if you appeal against a tax assessment, it […]
The employment allowance has been a valuable saving for many small employers, allowing them in the last tax year up to £2,000 in savings on their National Insurance contributions. From the start of the new tax year this allowance was increased to £3,000. However, the legislation relating to the allowance is confusing and new rules […]
As you may be aware there are a number of changes to the tax system which take effect from 6th April 2016. I have had the chance, following the budget, to take a look at these and have summarised the changes and my advice below. Capital Gains Tax Reduction The drop in rate from 18%, […]
Most employees know that they are entitled to a mileage allowance when travelling in their own car on behalf of their employer. This has been set at 45p per mile since 2011 (when it rose from the old rate of 40p) for the first 10,000 miles and at 25p per mile thereafter. This rate is […]
Most people resident in the United Kingdom, and some who are not, are entitled to earn a certain amount of income each year without paying income tax. This amount is referred to as the ‘personal allowance’ and changes each year. For the tax year 2014/2015, for example, the personal allowance was £10,000. Therefore an individual […]
