Taxation

When working out what tax is owed, not every cost that appears in a business’s accounts can be deducted. These are known as Disallowable Expenses, and getting them wrong can lead to an inaccurate tax return.

Whether you can deduct the cost of a vehicle depends on a number of factors, including your business structure, how the car is used, and the method you use to calculate your vehicle expenses.

One may not expect but, content creation can start as a small side hustle or passion project and quickly turn into a real business. When the account starts growing, brand partnerships, affiliate commissions, platform payments, digital products, subscriptions, and gifted services or products start coming in and the income which started off as a hobby turns into something substantial.

When businesses fail to plan ahead, they can end up paying more tax than necessary, especially when tax is one of the biggest costs a small business may face. Waiting for the tax deadline to approach leaves you with less opportunity to make the most of the expenses, reliefs, allowances and tax planning options available under UK tax rules.

One of the most common tax planning strategies used by married couples and civil partners in the UK is transferring property to a spouse. 

Many pensioners assume their income is automatically tax-free once they retire. Others worry the State Pension itself will be taxed the moment it lands in their bank account. Both assumptions are not exactly right. The total income decides whether a pensioner pays Income Tax, not their age or the label on the payment.