Tax and Business
Flow chart - claiming the trading allowanceThe trading allowance is a fixed tax deduction which can be claimed against miscellaneous income or income from self-employment in place of the actual costs incurred in generating it. In effect it means that... Read more
15 Dec 2020
Flow chart - claiming overpayment reliefIf you discover a mistake in or an omission from your tax return or assessment, which has resulted in your tax bill being too high, and the deadline for amending it has passed, you may be able to claim overpaym... Read more
15 Dec 2020
Flow chart - high income child benefit chargeIf you or someone you live with is receiving child benefit and your or their income exceeds the limit set by the government, one of you will be required to pay extra tax. The tax charge can apply in other ... Read more
15 Dec 2020
Flow chart - capital gains tax private residence reliefPrivate residence relief prevents or reduces capital gains tax being payable from the sale or transfer of a property that's been your home for all or part of the time you owned it. The once simple... Read more
15 Dec 2020
Flow chart - capital allowances short-life asset electionTax relief on the cost of equipment you acquire for your business is spread over decades unless your purchases are covered by the annual investment allowance or first-year allowance. However, i... Read more
15 Dec 2020
Flow chart - close, dissolve and strike off a companyIf you no longer need a company, you can apply to Companies House to have it struck off. Before you do this several conditions must be met. The procedure itself is simple. However, you must also en... Read more
15 Dec 2020
Flow chart - forming a limited companyLimited companies are often created specifically for tax reasons although primarily their purpose was to limit their owners' financial and other liabilities. Forming a limited company can be a simple process but i... Read more
15 Dec 2020
Flow chart - pay a company dividendA dividend is a distribution of a company's profits. There are two types of dividend: interim and final. A company is not obliged to pay a dividend but when it does it can choose to pay either type. Flow chartA final... Read more
15 Dec 2020
Flow chart - trivial benefits exemptionThe trivial benefits exemption allows employers to make low value gifts and provide tax and NI-free perks to employees, directors and their families. Naturally, there are conditions but these have been made more... Read more
15 Dec 2020
Flow chart - paying an employee on termination of employmentWhere you pay an employee (or former employee) after they have stopped working for you, you must apply PAYE tax and NI. However, there are special rules for determining what tax code and NI ... Read more
15 Dec 2020