The cash basis scheme helps many sole traders and other unincorporated businesses to manage their financial affairs. The scheme is not open to limited companies and limited liability partnerships. Using the scheme, allows qualifying businesses to use the cash basis when recording income and expenditure.

There may be occasions on which an employer provides an employee with a taxi either to or from work. As a general rule, where an employer pays for a taxi...

Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business.

Private residence relief exempts any gain arising on the sale of the only or main residence from capital gains tax. Where the property has been occupied

The National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1April 2019. From that date, the NLW,, payable to workers aged 25 and over

A PAYE Settlement Agreement (PSA) enables the employer to pay the tax and National Insurance instead of the employee on those benefits and expenses included within the PSA. This can be useful to preserve the beneficial nature of the benefit, for example in respect of a Christmas or other function falling outside the associated exemption, or where the effort involved in reporting the benefit on individual employees’ P11Ds is disproportionate to the amount involved.

Entrepreneur's relief is intended to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals.

The minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme took effect from 6 April 2019.

It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business.

Making tax digital is now law for all VAT registered businesses with turnover over £85,000. This new law requiring Digital record keeping and filing..

According to Richard Branson, One thing is certain in business. You and everyone around you will make mistakes. If we are all spending time making mistakes,

Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced..

The normal due date for a self assessment return where filed online is 31 January after the end of the tax year to which it relates.

A landlord will often manage their property rental business from home, and in doing so will incur additional household expenses

Certain unincorporated small businesses may choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis

Mobile phones are ubiquitous they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided by their employer

have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit