Blog

Family member pension contributions

Although there continues to be plenty of speculation over possible pension tax relief cuts, as things currently stand, paying into a pension generally remains a tax-efficient way of saving for old-age. Given that there may well be future changes in this area, it might be beneficial to consider starting, or topping up, pension plans sooner…


Be aware of 60% tax rate risk on bonuses

In the lead up to Christmas and the end of the financial year for many businesses, some directors and employees may be fortunate enough to be thinking of a bonus. If this is the case, it might be worth reviewing things beforehand to see if there is a risk of suffering effective tax rates of…


When and how to incorporate

Over the last decade, corporation tax rates for most companies – irrespective of size – have fluctuated between 19% and 21%. The main rate of corporation tax is expected to be cut to 17% from April 2020. Current corporation tax rates are still pretty favourable and are indeed generally lower than those paid by many…


Dying without making a will – who gets what

The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly where the death was sudden and unexpected. Where there is no will, the estate is divided…


What is an EORI number and who needs one?

An economic operator registration and identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In the event that the UK leaves the EU without a deal, an EORI number that starts with GB…


Capital gains tax and chattels

For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital gains tax must be paid. It all depends on whether the chattel is a wasting chattel or a…


Calculating the Class 4 NIC liability

The self-employed pay two classes of National Insurance contributions – Class 2 and Class 4. Class 2 contributions are weekly flat rate contributions which provide the mechanism by which the self-employed build up their entitlement to the state pension and certain contributory benefits. By contrast, Class 4 contributions are based on profits from the self-employment…


Worthless assets and negligible value claims

Where an asset has been lost or destroyed or the value of the asset has become negligible, it may be possible to take advantage of an allowable loss for capital gains tax purposes. It should be noted, however, that the loss will only be an allowable loss if any gain on the disposal of the…


How do I calculate my working from home expenses?

Limited Company Directors: Here at Gold Stag Accounts, we can help provide a rental agreement between you and your Limited Company to ensure you are claiming the correct amount of working from home expenses. Check out this Freeagent infographic. Sole Traders:


VAT refunds for DIY builders

If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on building materials and services. You do not need to be VAT registered to claim a refund. What qualifies? Refunds can be claimed in respect of building materials that are incorporated…