Rent a room at home tax free

August 22nd, 2017

On the face of it, the rent-a-room relief is straight forward: if your gross rents from letting are not more than £7,500 in the current tax year, there is nothing you need to do, this income is free of tax; but beware the small print. Gross rents are defined as the rental income you receive […]

Involving children in your business

August 16th, 2017

Whilst it is possible to involve your children in your business, this is a strategy that should be approached with caution. Giving shares in your company to minor children is perfectly possible, but any dividends that you pay to under eighteens will be treated as if the income belonged to the relevant parent. HMRC would […]

Organising a trading name for your company

August 14th, 2017

We are often asked to register a trading name for an existing company. Usually, this is done so an incorporated business can develop a new brand with a name that is different to their existing company name. Unfortunately, there is no formal process that can be employed to do this; no registrar of trading names. […]

Saving to pay tax

August 10th, 2017

If you are employed, or receive a pension from a non-State provider, any tax you should pay is probably deducted before payment under the PAYE rules. Assuming HMRC administer this process correctly, any taxes due should be settled in full. However, the self-employed, those in receipt of significant dividends or bank interest, and retired persons […]

Dying without a Will, bad idea

August 8th, 2017

Many people die without making a Will. In legal terms, this means they die “intestate”. When this happens, the estate must be shared out according to certain rules. Individuals who may benefit under these rules are: Married partners and civil partners at the time of death. This includes separated partners but not divorced partners or […]

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