MBN Accountancy

When a company ceases trading, any assets they have accumulated are usually distributed to shareholders after any liabilities have been paid. The method of distribution should be planned carefully to ensure that minimal tax is paid. Learn more in this article.

https://mbnaccountancy.com/distributions-on-cessation-of-a-company/

Everyone would love to make a profit from their properties, but in a volatile market it isn’t always possible. If you make a loss on your properties instead, there may be a way to claim tax relief for this. In this article you will learn how to calculate losses and claim tax relief from them.
https://mbnaccountancy.com/making-use-of-property-losses/

Making use of property losses - MBN Accountancy When letting property, the aim is to make a profit. However, as recent years have shown, life is unpredictable, and things do not always work out as planned.

Property investors can earn a small amount of income from properties tax-free. Find out what the property income allowance is and how to claim it. Make sure you’re not missing out by reading this article.
https://mbnaccountancy.com/making-use-of-the-property-income-allowance/

Making use of the property income allowance - MBN Accountancy The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does not apply

You can claim tax relief for any costs your company incurs before it starts trading. In this article, you can learn what sort of costs you can claim relief for and how to claim the relief for your business.

https://mbnaccountancy.com/relief-for-pre-trading-expenses/

Relief for pre-trading expenses - MBN Accountancy When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for

National Insurance Contributions have been through many changes, some of these changes are set to take effect during the tax year, so it’s important to be aware of the changes and what the new contribution model looks like. Learn more in this article.
https://mbnaccountancy.com/national-insurance-changes-from-july-2022/

National Insurance changes from July 2022 - MBN Accountancy Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in March 2022, the Chancellor

Due to the pandemic, the carry-back window for loss relief rules was changed. Where companies are making a claim for relief under the extended rules, the claim can be made online rather than waiting until the company tax return is filed. In this article, you can learn more about the extension and how to claim.
https://mbnaccountancy.com/claim-extended-loss-relief-online-for-companies/

Claim extended loss relief online for Companies - MBN Accountancy To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window.

Using the government’s simplified expenses can help you save time when completing your tax return. In this article, you can learn what simplified expenses are for travel and working from home and learn how to apply them.
https://mbnaccountancy.com/use-simplified-expenses-to-save-work/

Use simplified expenses to save work - MBN Accountancy A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if the

Employees that incur expenses to carry out their jobs are able to claim tax relief subject to certain conditions. In this article, you can learn what reliefs are available to employees and how to claim for them.
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https://mbnaccountancy.com/how-to-claim-tax-relief-for-expenses/

How to claim tax relief for expenses If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only

Many businesses have, in the past, incorporated to help make tax savings. However, increasingly there are differences between self-employed and company tax rates which means that incorporation may not be worth it unless your company is making profits in excess of £50,000. Learn more in this article.
https://mbnaccountancy.com/claim-for-incorporation-relief/

Claim for Incorporation relief - MBN Accountancy Businesses become companies for a variety of reasons. Not so long ago it was mainly as a tax planning tool but increasingly the differences in tax rates

You may find yourself paying too much National Insurance if you are both employed and self-employed. Reading this article will help you understand the rules around national insurance contributions for both employed and self-employed wages and how they should apply to you. Understand the rules and ensure you are not paying too much for no extra benefit.

https://mbnaccountancy.com/nic-position-if-you-are-employed-and-self-employed/

NIC position if you are employed and self-employed - MBN Accountancy Despite the increase in National Insurance Contributions (NIC) in the April 2022 Spring Statement (the increase being replaced by the Health and Social Care

It’s been a long time coming, but in April HMRC announced moves to recognise one type of cryptocurrency (‘Stablecoins’) as a valid form of payment. This means that it will be treated and taxed like other investments. In this article you can learn more about the taxation rules surrounding this particular type of cryptocurrency.
https://mbnaccountancy.com/cryptocurrency-what-are-your-tax-obligations/

Cryptocurrency - What are your UK tax obligations? - MBN Accountancy Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank and work through a computer network.

If you provided employees with taxable and expenses benefits returns in 2021/22 you’ll need to report these to HMRC by 6th July 2022. In this article, we’re exploring the different ways you can report employee taxable expenses and benefits to HMRC.

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https://mbnaccountancy.com/filing-expenses-and-benefits-returns/

Filing expenses and benefits returns - MBN Accountancy For help with filing expenses and benefits returns, please contact us

If you have jointly owned property you will be taxed differently depending on the relationship you have with the co-owner. In this article, you can find out how joint property is taxed and what to do if you want to change the ownership share for tax purposes.

Click below to find out more:
https://mbnaccountancy.com/allocating-income-for-tax-when-property-is-jointly-owned/

Allocating income for tax when property is jointly owned - MBN Accountancy Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint

Born after 6 April 1973? You’ll have to wait until you’re 57 to get your pension without charges – this will need to be taken into account in retirement planning.

Click below to find out more:
https://mbnaccountancy.com/increasing-the-normal-minimum-pension-age/

Increasing the normal minimum pension age - MBN Accountancy The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge

Does a tax charge arise if an employer provides a charging point to enable employees to charge their own cars at work? If you’re planning to help your employees go electric, have a read by following the link below.

https://mbnaccountancy.com/electric-charging-points-tax-liability/

Electric charging points – Is there a tax liability? - MBN Accountancy As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million

In some instances, it can be difficult to decide whether work is 'construction' in nature but if there is any doubt, registration under the Construction Industry Scheme should be made; this would be the case even if those works/services are not actually undertaken.

Find out more:
https://mbnaccountancy.com/how-to-work-out-whether-cis-applies/

How to work out whether CIS applies - MBN Accountancy The Construction Industry Scheme (CIS) requires registration of anyone who works in that industry, be that a sole trader or a company. The registration rule

Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of 'business assets' by a trader then it is possible to defer the charge. Today’s blog explains the different ways CGT can be deferred.
https://mbnaccountancy.com/deferring-cgt-by-selling-or-gifting-a-business-asset/

Different ways of deferring CGT by selling or gifting a business asset - MBN Accountancy Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of 'business assets' by

If you’ve borrowed money from your company, there will be tax implications if insufficient retained profits are available to enable a dividend to clear the borrowings or if the amount outstanding is not repaid by other means.

Find out how this will affect you:
https://mbnaccountancy.com/bed-and-breakfasting-rules/

'Bed and breakfasting rules' - Director’s loan account - MBN Accountancy Throughout an accounting period a director will withdraw monies from the company against the director’s loan account (DLA), the withdrawals being satisfied

Marriage still has some tax benefits, in particular the special rule around transferring assets. This can be very useful from a tax planning perspective to maximise available annual exempt amounts and capital losses.
Click below to find out more:
https://mbnaccountancy.com/transferring-allowable-losses-from-your-spouse/

Transferring allowable losses from your spouse - MBN Accountancy Spouses and civil partners benefit from special rules for capital gains tax purposes which allow them to transfer assets between them at a value that gives

A big plus of furnished holiday lettings is the availability of business asset rollover relief. This enables a landlord of a furnished holiday let to sell one property and invest in another without immediately crystallising any associated capital gain.

Click below to find out more:
https://mbnaccountancy.com/fhl-business-asset-rollover/ -2604

Furnished holiday lettings and business asset rollover relief - MBN Accountancy Furnished holiday lettings have a number of tax advantages compared to standard residential lets, and one of the key ones is the availability of business

With property prices showing little signs of slowing, for some people shared ownership will be the best way to get on the property ladder. Today’s blog explains how stamp duty works in these cases.
https://mbnaccountancy.com/sdlt-and-shared-ownership/

SDLT and shared ownership - MBN Accountancy Shared ownership can enable an individual to own a stake in a property where they would not otherwise be able to get on the housing ladder. As with other

The cost of childcare in the UK is among the highest in the world, so we need all the help we can get to afford it! Today’s blog covers the ways you can take advantage of tax-free childcare schemes.
https://mbnaccountancy.com/tax-free-help-with-childcare-costs/

Tax-free help with childcare costs - MBN Accountancy Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which

The start date for MTD for income tax has now been delayed by one year. The next key date in the MTD timetable is 6 April 2024 – one year later than planned. Under MTD for income tax, landlords and self-employed businesses within its scope would need to keep digital records and send quarterly summaries of income and expenditure.
Find out more below.
https://mbnaccountancy.com/next-steps-of-making-tax-digital/

Get ready for the next steps of Making Tax Digital - MBN Accountancy Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax

As part of the Government’s health and social care plan, the rates at which dividends are taxed are to increase by 1.25% from 6 April 2022. Today’s short article gives a quick explainer on how dividends are taxed.
https://mbnaccountancy.com/understanding-how-dividends-are-taxed/ -2581

Understanding how dividends are taxed - MBN Accountancy Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether the dividends are paid from

Time is running short to take advantage of the higher annual investment limit. But, be warned, there are traps to be avoided. Today’s blog guides you through these traps.
https://mbnaccountancy.com/end-of-the-aia-transitional-limit/

End of the AIA transitional limit – Beware of the traps - MBN Accountancy The annual investment allowance (AIA) allows you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available

HMRC is permitted to 'use their discretion' to agree to a request to cancel collection of tax owing in respect of income tax, capital gains tax or Class 4 NIC only, even if the tax arrears are due to their mistakes. If you have appealed to HRMC and aren’t satisfied, you can complain to the Adjudicator’s Office – read today’s blog for more info.
https://mbnaccountancy.com/when-hmrc-can-write-off-arrears-and-the-work-of-the-adjudicators-office/

When HMRC can write off arrears and the work of the Adjudicators office - MBN Accountancy The Adjudicators Office (AO) is a little known but powerful government department independent of HMRC. Its remit is to rule on whether HMRC have handled a

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When an asset is placed within a trust it is termed as being ‘settled’, however the definition of settlements is wide reaching and are often questioned by HMRC.

If you’re involved in a family company it’s worth being familiar about the settlement tests – read more in today’s blog. https://mbnaccountancy.com/settlement-provisions-and-dividends/

Settlement provisions and dividends - Settlement 'tests' - MBN Accountancy When an asset is placed within a trust it is termed as being ‘settled’. However, the tax legislation defines the word 'settlement' widely as including ‘any

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