You have set up a new company but need to find premises before trading can begin. But can you take a salary from the business in the meantime?  Naomi Swan advises below. As you’re probably aware, in most circumstances dividends are the most tax and NI-efficient way to take income from a company. The trouble...

Susan is a self-employed childminder. She is planning to have an extension built on her home, in which she’ll run her childminding business. Susan would like to know if she is entitled to a tax deduction for any of the construction costs. Partner and Tax Specialist, Christiaan Hansen, looks at the implications below. Homeworking Tax...

Digital platforms such as Airbnb can be used to earn income from property in a variety of ways, ranging from the occasional let of a spare room to short-term lets of a holiday home all year round. In this article, Kirsten Hancock explains how income from letting accommodation short term through Airbnb and similar platforms...

Partner Joanne Gibson’s article highlights ten popular benefits-in-kind which can be made available to employees free of tax and National Insurance contributions (NICs), and without any employer NICs charge either. Mobile phones An employer can provide an employee with a mobile phone which can be used privately without an associated tax charge arising. But this...

If you receive money or gifts in connection with your hobby, do you always have to declare them to HMRC and pay tax on them? Partner Christiaan Hansen discusses the tax implications and responsibilities. If you undertake a hobby in your spare time which generates income and you are lucky enough to get paid in...

The recent Autumn Budget announced a new rule affecting loans and other advances made by companies to their shareholders. If you owe your company money, is this something you should be concerned about? Partner Christiaan Hansen discusses the implications. If you are an owner manager of a close company (this is a company which is...

In this article, Partner Andrew Wayness brings important news of changing tax treatment for double cab pick-ups, outlining the considerable implications for both employers and employees. In February 2024, HMRC announced that double cab pick-up trucks would be treated as cars for tax purposes, and then swiftly did a U-turn on this decision following industry...

It has been clear for some time that Capital Gains tax (CGT) was going to be targeted by Chancellor Rachel Reeves at the Budget. But it is of some comfort that the rates of CGT the Chancellor announced did not increase to much higher levels. Partner Kenny Adamson provides the details. The eventual outcome will...

Trusts can be an extremely useful planning tool for inheritance tax purposes, as well as for family and business succession planning. Partner Christiaan Hansen looks at how trusts and inheritance tax interact as well as outlining the issues and benefits. Tax is one benefit, but preservation of the family assets is another potential advantage of...

Partner Kenny Adamson provides the answers in this month’s Q&A. In which tax year do I declare my dividend payments? Q. I receive dividend payments. The next dividend payment date is 25 April 2025. Would I include this in my 2024/25 tax return, or based on the payment date should it be declared in my...