If you are married or in a civil partnership you may be able to claim an allowance of £900 against tax as a marriage tax allowance. This is a widely under claimed allowance.
Marriage tax allowance allows couples to transfer up to 10% of their earning between them tax-free.
Who can claim marriage allowance?
You are able to claim marriage allowance if all of the following apply to you:
· You’re married or in a civil partnership
· You do not pay income tax or your income is below personal allowance
· Your partner pays income tax at the basic rate, which usually means their income is between £11,851 and £46,350
You are still entitled to claim the allowance if your partner is receiving a pension or lives abroad. For those who were born before 6thApril 1935, it can be more beneficial to claim the Married Couples Allowance.
What is the married couples allowance?
Married Couple’s Allowance is claimable for marriages before 5thDecember 2005 and applies to those born before 6thApril 1935.
Under the allowances you can reduce your tax bill by up to £869.50 per year.
How to claim marriage allowance?
You can apply for marriage allowance online. The person with the lowest income should do this. If your application is successful, changes to your personal allowance will be backdated to the beginning of the tax year.
Chancellor Phillip Hammond’s release of the 2018 Autumn Budget revealed a number of changes for small business owners. Below is a brief summary of some of the changes small business owners should be aware of.
If you have stopped trading as a sole trade or you’re ending/leaving a business partnership then you must notify the HMRC. This will trigger the cancellation of your Class 2 National Insurance.
Currently there are over 2,200 families on the waiting list for Kensington and Chelsea social housing. Which compared to the 11,000 houses currently available, presents a huge issue for councils finding the families accommodation. The council has already spent its entire reserves of £230m on new housing for the Grenfell tower survivors, whom all fall into their borough.
Stamp duty is an area of much dispute and change in UK tax. Currently, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of your property’s price above £125,000 (for residential properties, like a house of flat).
The amount of Stamp Duty you owe can vary depending on whether or not the property is your first home and the purchase is £500,000.
Statutory accounts (commonly known as annual accounts) are financial reports that must be prepared and filed at the end of each financial year. For UK private limited companies statutory accounts are a compulsory part of the tax year.
As a business owner it is important to be aware of your companies tax obligations and liabilities. There are a number of taxes that small businesses are required to pay. Below is our breakdown of the taxes you should know about as a business owner:
The October 15th US tax deadline is just around the corner. Below we have put together a brief outline of how to get started and avoid the harsh penalties of the IRS’s long arm:
Inspired off of the Jean Royère’s furniture designs we went to see yesterday (pictured above) in the spirit of London Design Week, we have put together a brief guide for our clients on some of the expenses you can claim as a furniture designer.
There are generally much expenses incurred while working as a furniture designer than other freelance professionals. For instance, the cost of raw materials and machinery. Raw materials and any equipment required to assemble the furniture are all claimable against tax, assuming that you are buying both.
If you are based in the UK and your employees are working abroad there are slightly rule surrounding PAYE and NIC depending on where your employees are working and how long you expect them to work there.
A confirmation statement is a form that was introduced to replace the annual return (AR01) in June 2016. The purpose of a annual confirmation statement is to verify important company data registered on Companies House to ensure it is correct and up to date.