The question echoing throughout Hertfordshire, Essex and businesses throughout the UK during these testing times is “What can you do to help your business/sole trade through the COVID-19 crisis?” – HB Accountants are here to help you.
Continue readingCategory Archives: Tax
Capital Gains Tax on Property Sales
Changes to Capital Gains Tax on Property Sales will only affect you if you sell or gift a residential property other than your main residence on or after 6 April 2020.
For such disposals it will be necessary to file a separate capital gains tax (CGT) return within 30 days of completion of the disposal and it will also be necessary to pay any capital gains tax within the same period. The capital gain will also need to be reported on the normal tax return filed after the end of the tax year and the tax already paid will be treated as paid on account of the final liability.
Spring Budget 2020
Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
HB Accountants’ “Be Informed” Budget Summary provides you with an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
Tax tips for individuals 2019/2020
As the end of the tax year approaches, it’s a
great time to review your personal financial position and look for more
efficient ways of managing your income. Here are our top tax tips for
individuals as we approach the end of the tax year on 5th April 2020. If you
want to know more, give the tax team at HB Accountants a call.
Is it tax efficient to pay dividends before 6th April?
As we approach the end of the tax year, many businesses will be reviewing how much profit they have made over the year and therefore, calculating how much money they could take out of the business in dividends.
A question that I am regularly asked is whether to pay out dividends BEFORE the end of the tax year or AFTER it? Of course, there is not one clear answer, but the following information may help you decide.
Continue readingNational Insurance Updates: Are you aware of the changes?
The National Insurance Contribution Threshold will rise to £9,500 a year on 6th April 2020, consequently 31 million UK taxpayers will begin to pay less national insurance!
This means that the typical employee will pay around £104 less in 2020/21, and self-employed people who pay national insurance at a lower rate will have £78 cut from their bill.
Continue readingYear End Tax Tips for Businesses 2019/2020
As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.
Continue readingTax Tips for income over £100,000
Beware of a potential 60% tax rate risk on your bonus. If you receive a bonus this year then it’s possible you will pay an effective 60% tax rate on your additional income. There are ways to mitigate this very high tax rate but you need to act now!
Continue readingHelp your employees beat the post-Christmas bulge
Work related ill health is a serious issue and with recent government figures suggest that 1.3 million workers suffered from work-related ill-health. This equates to potentially over 25 million working days lost, hence promoting employee health and wellbeing has never been so important and is considered a vital part of a successful business. This, however, does not necessarily come cheap. It is estimated to cost £522 per employee which equates to up to £32 billion per year for UK business alone.
Here are some areas where you as an employer can use tax breaks and exemptions to help encourage a healthy mind and a healthy body at work.
Continue readingSave money by driving an electric car
Multiple tax benefits are available for drivers of electric company cars – and many of us don’t even realise it. HBA Director, Karen Chase, will save over £6,000 this coming tax year as she won’t be paying tax on the benefit-in-kind (BIK). It may finally be time to benefit from driving a company car!
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