HFM TAX BLOG

09.12.2018

Are you eligible to claim the Marriage Allowance?

Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you. This reduces their tax by up to £238 in the tax year. To benefit from this arrangement, you (as the lower earner) must have an income below your Personal Allowance – this is[…..]

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02.12.2018

Christmas Time Tax-free Perks

Christmas time tax-free perks are available if you are organising a Christmas party for your staff. Many businesses take time out to provide their employees with a work based party or similar event. If you are concerned about the tax consequences of Christmas celebrations, read on. There are ways to organise these events without falling[…..]

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20.11.2018

When is Capital Gains Tax payable?

Any taxpayer is allowed to make tax-free capital gains of £11,700 during the 2018-19 tax year. There are also a number of circumstances when a disposal does not create a taxable gain. These include: The sale of personal assets worth less than £6,000 Gifts to your spouse or civil partner Gifts to a charity. Gains when[…..]

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19.10.2018

Tax Relief When Working From Home

Working from home for at least part of the working week is more common than ever. But is there any tax relief for employees who work from home and incur costs in doing so, but don’t receive any reimbursement for these from their employer? The relevant legislation states that the employee can only claim relief[…..]

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12.10.2018

HMRC – What is a reasonable excuse?

HMRC is still required to obtain certain returns from you even if there is no income or tax to declare. Failure to submit will likely trigger late filing penalties and unfortunately, pleading ignorance of your obligations to file “nil” returns is not a reasonable excuse.  Which begs the question, what is a reasonable excuse? HMRC[…..]

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01.09.2018

Loss Relief

Loss relief is a little known benefit when reporting the initial trading period of a new business. It often takes a while before a new business becomes profitable and the initial losses can be used to offset other tax liabilities. If a business owner makes a loss as a self-employed person, they can set off[…..]

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