Voluntary NICs – should you pay? The payment of National Insurance contributions provides the mechanism by which an individual builds up their entitlement to the state pension and certain contributory benefits. Different classes of contribution provide different benefit entitlements. Employed earners pay Class 1 contributions where their earnings exceed the lower earnings limit – set…
Employing family members 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. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance allows one spouse of civil partner to transfer 10% of their personal allowance (rounded up to the nearest…
Do you earn over £100k? Read our latest blog to see if you can keep your entitlement to the personal allowance
Abatement of the personal allowance Not all taxpayers are able to benefit from the personal allowance – once income exceeds £100,000 the allowance is gradually reduced until it is eliminated in full. However, there are steps which can be taken to reduce income and preserve entitlement to the personal allowance. The personal allowance is set…
- Annual investment allowance or writing down allowance?
- Mileage allowance payments – what is NIC-free?
- Relief for trading losses
- Should an LLP partner be treated as a salaried partner?
- Gift cards and the trivial benefits exemption
- Using your car in your property rental business
- Grounds and gardens for SDLT
- Joint tenants v tenants in common – Does it matter?
- Employer-funded scholarships
- Weighing up LLPs
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Only travel short distances for business? Want to keep fit? Simply want to be more 'green'? Using a vehicle means you can claim 45p a mile which just about covers fuel for some larger vehicles. However, ride a bicycle and you can claim 20p per mile. Easily covering your costs!
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