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What is a business repair?

What is a business repair?

HMRC’s internal manuals provide some useful information on the definition of a business repair. This is important because it is required to identify the asset on which work has been carried out.

This

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Cost of living payments

Cost of living payments

You may have been entitled to a Cost of Living Payments of £301 (paid April/May 2023) and should be about to receive £300 (payable early November 2023) and a further £299 due spring 2024. Payments are

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Filling gaps in National Insurance record

Filling gaps in National Insurance record

National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance

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Paying tax by direct debit

Paying tax by direct debit

One of the many ways that payments can be made to HMRC is by using a direct debit. The direct debit can be set up online.

You can pay your tax bill using direct debit if you have an online account

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Current State Pension age

Current State Pension age

The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State

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Trusts and Income Tax

Trusts and Income Tax

A trust is an obligation that binds a trustee, an individual or a company to deal with the trust assets, such as land, money and shares, and which form part of the trust. The person who places assets

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Taxable gains on gifts

Taxable gains on gifts

Gift Hold-Over Relief is a tax relief that effectively defers Capital Gains Tax (CGT). The relief can be claimed when assets are given away (including certain shares) or sold for less than they are

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Back of an envelope

Back of an envelope

If you run a business and manage your planning by scribbling notes on the back of an envelope, you might be advised to read the contents of this article.

When the economy is vibrant, effectively when

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Cash flow v supplier credit limits

Cash flow v supplier credit limits

In a recent article we explained how granting lengthy credit limits to customers was as good as letting them keep your money in their bank account.

In this post we describe the opposite situation,

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Replacement of domestic items relief

Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The

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Loss of personal tax allowance

Loss of personal tax allowance

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt

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Tax free annual party

Tax free annual party

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no requirement to report

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Scottish council tax frozen

Scottish council tax frozen

Humza Yousaf, Scotland’s First Minister, has announced that council tax rates will be frozen in the next financial year to support people struggling with the effects of high inflation.

First

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Countdown to Self-Assessment filing deadline

Countdown to Self-Assessment filing deadline

There are now less than 100 days to file your 2022-23 Self-Assessment tax return online. The deadline is 31 January 2024. The deadline for paper returns ended on 31 October 2023.

You should also be

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