by | Aug 10, 2026 | Income Tax
Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for self-assessment in a straightforward manner. The cash basis is the default method for calculating income and expenses for...
by | Aug 10, 2026 | Income Tax
The £1,000 property allowance is a helpful for individuals with small amounts of property income. The allowance provides a tax exemption of up to £1,000 a year against gross property income, meaning some landlords may not need to report their income to...
by | Aug 6, 2026 | Income Tax
Employees who use their own vehicle for business journeys may receive Mileage Allowance Payments (MAPs) from their employer. These payments can be made tax-free up to HMRC’s approved amount, calculated by multiplying business miles travelled by the relevant rate...
by | Aug 6, 2026 | Income Tax
Some self-employed individuals experience significant fluctuations in their profits from one year to the next. When this happens, HMRC’s averaging relief may help to regularise tax payments by levelling profits across more than one tax year. However, the relief...
by | Aug 6, 2026 | Income Tax
If you pay for replacing or repairing small tools you need for your job, you may be able to claim tax relief from HMRC. Eligible tools include items such as scissors, small hand tools and electric drills that are essential for carrying out your work and are not...
by | Jul 30, 2026 | Income Tax
Receiving money from a family member can be a welcome source of financial support, but many people are unsure whether they need to pay tax on it. In most cases, the person receiving a gift does not pay Income Tax on money given by family. However, the gift could have...
