The Blind Person’s Allowance is an additional amount of personal allowance given to those who qualify to claim it. The additional allowance means anyone who is eligible to earn more before paying tax. Blind Person’s Allowance 2019/2020 The allowance changes every tax year. The current allowance is: The current personal allowance rates are: That means … Read more
The HMRC Marriage Allowance is a tax perk that allows one partner to transfer up to 10% of their unused personal allowance to another meaning that person can benefit from some additional tax free earnings. This can be useful if you are newly self employed or in the early stages of starting a business and your earnings are low.
When you are self employed you are responsible for buying all the tools and equipment you need to run your business. If you have or are about to invest in expensive equipment, then understanding how you claim for tax relief can help you make clever decisions on how and when you make your claim for … Read more
Capital allowances are rates set by HMRC that self-employed business owners must use to claim tax relief on fixed assets. So if you have purchased an asset for your business, then this is how you can claim tax relief on your self-assessment tax return form. What is a Fixed Asset A fixed asset is something you … Read more
HMRC launched the trading income allowance on the 6 April 2017. It was designed as part of efforts to make the tax system a little easier for UK individuals to earn a certain amount tax-free every tax year. This guide will help you to understand what the Trading Allowance is all about, work out whether … Read more
If you are throwing Company Christmas Party then its worth making yourself aware of the HMRC Christmas Party Allowance. It may well affect what you plan! You’ll be pleased to know that the Taxman is not immune to the spirit of Christmas and you might be able to record it as a company expense. However, … Read more
Wear and Tear Allowance is an allowance that was available to landlords of furnished rental properties until 5 April 2016 to reflect general the general wear and tear of furnishings in a property they rent out. What is Wear and Tear Allowance? Wear and Tear Allowance is available to landlords renting out a furnished property. It … Read more
If you or your staff use their personal cars for business travel they are entitled to claim back a tax free amount to cover the cost of using their own vehicle for business purposes. For 2018 the tax free mileage allowance for cars and vans is 45p for the first 10,000 miles and 25p thereafter. … Read more