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Accountancy may not strike everyone as exciting, but it is fast moving. We’ll keep you informed about issues we think may be of interest or relevance to you.

Investing the proceeds from the sale of the family home and the IHT gifts from income exemption

Selling the family home and Inheritance Tax

For many people, there will come a time when it becomes sensible or necessary to sell the family home, either to downsize or because of a move to live with a relative or into care. This may result in funds being released, which may be considerable. Thoughts may turn to whether now is the time … Read more

Will paying voluntary NICs boost your pension?

Pension pot - will paying voluntary NICs boost your pension?

To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National Insurance credits. If you will not have sufficient qualifying years for a full state pension when you reach state pension age, you can ‘buy’ additional qualifying years through the payment … Read more

Setting up as a sole trader

The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for yourself and run your business on your own as an individual other than through a limited company, you are a sole trader. By contrast, if you operate your business through a personal … Read more

Small earnings from self-employment – Tax and National Insurance implications

self-employment and small earnings

Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition, or the provision of services, such as babysitting. If you earn money in this way, it is important to understand the associated tax and National Insurance implications. Tax consequences A … Read more

Taxation of company cars in 2024/25

taxation of company cars

Taxation of company cars in 2024/25 A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets the cost of fuel for private travel. Car benefit charge The amount that is charged to tax depends predominantly … Read more

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