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Tag: Alextra Accountants

Alextra Accountants
The Importance Of Keeping Good Business Records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a b...
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Alextra Accountants
Inheritance Tax And Potentially Exempt Transfers
Aside from the annual exemption and the exemptions for particular gifts (such as those out of income or in consideration of marriage), it is possible to make gifts free of inheritance tax – as long as...
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Alextra Accountants
Entrepreneurs’ Relief – What Do The Budget Changes Mean...
Ahead of the 2018 Budget there was some speculation that entrepreneurs’ relief may be scrapped. In the event, this did not happen. However, the relief made an appearance with the announcement of chang...
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Alextra Accountants
Tax-Free Christmas Parties
Tax-free Christmas parties Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in...
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Alextra Accountants
Autumn Budget 2018 - Summary
There was wide-ranging speculation in the run up to this year’s Budget, with experts predicting that, whilst Brexit and ending austerity would be the most prominent features, Chancellor Phillip Hammon...
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Alextra Accountants
Do You Need To Register For VAT?
A business must register with HMRC for VAT if its VAT taxable turnover is more than the VAT registration threshold. This is currently £85,000 and will remain at this level until 31 March 2020. A busin...
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Alextra Accountants
Mileage Rates For Landlords
In preparation for the introduction of digital recording and reporting, landlords with unincorporated property businesses have been able to benefit from a number of simplifications, including cash bas...
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Alextra Accountants
Taxation Of Savings – What Can You Have Tax-Free?
There is no one answer to the amount of savings income and, for 2017/18, the answer can range from £0 to £18,650, depending on personal circumstance. When looking at tax-free savings, there are a numb...
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Alextra Accountants
Self-Assessment Payments On Account
As the self-assessment deadline looms, it is not only necessary to consider what might be owing for 2016/17, but also whether any payments on account towards the 2017/18 liability need to be made. Whe...
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Alextra Accountants
Protect Your Lifetime Allowance
The pensions lifetime allowance places a cap on overall tax-relieved pension savings. Pension savings in excess of the lifetime allowance are subject to a lifetime allowance charge, which effectively ...
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 like this.
Alextra Accountants
NMW And Sleep-In Shifts
There has, historically, been some confusion as to whether, and when, the National Living Wage (NLW) or the National Minimum Wage (NMW) needs to be paid to workers while they are sleeping. HMRC have r...
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Alextra Accountants
Tax-Free Rental Income of £8,500
By making the most of the rent-a-room relief and the £1,000 property income allowances, it is possible to receive tax-free rental income in 2018/19 of £8,500 (while utilising your personal allowance e...
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Alextra Accountants
SDLT – How Much Will You Pay?
Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,00...
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Alextra Accountants
Christmas Cheer
Moderation in all things is the taxman’s motto when it comes to tax-free Christmas parties. The tax legislation allows employees and their guests to enjoy a Christmas party or similar annual function ...
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Alextra Accountants
No Minimum Period of Occupation Needed for Main Residen...
Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available. One of t...
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