Tax Tips and News

Taxation of company cars in 2024/25

Taxation of company cars in 2024/25

Taxation of company cars in 2024/25 A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets...

Extracting profits in 2024/25

Extracting profits in 2024/25

Extracting profits in 2024/25 If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside your company, for example, to...

Making Tax Digital for landlords

Making Tax Digital for landlords

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced from 6 April 2026 From the outset, it will apply to unincorporated traders and landlords with annual business and/or...

NIC payable by the self-employed from April 2024

NIC payable by the self-employed from April 2024

The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 with the abolition of Class 2 National Insurance...

The implications of late VAT registration

The implications of late VAT registration

The implications of late VAT registration VAT registration is compulsory for any UK established persons who are in business and make or intend to make taxable supplies should either one of the...

Do we need to register for VAT?

Do we need to register for VAT?

Do we need to register for VAT? If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold is set...

Should I file my tax return early?

Should I file my tax return early?

Should I file my tax return early? If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in which to do this, as long as you file online. However,...

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