When your income exceeds £100,000 for income tax purposes your entitlement to a personal allowance (£11,850 for 2018-19) is reduced by £1 for every £2 that your income exceeds this threshold. Which means, when your income reaches £123,700, you no longer qualify for a personal…
Month: June 2018
What now for the gig economy
The Supreme Court has ruled in favour of Gary Smith, a self-employed contractor with Pimlico Plumbers, who considered he was due worker’s rights and has now had his assertion rubber stamped by the highest court in the land. There are no win-win outcomes following this…
When is a car a van
There are advantages for tax purposes if the vehicle you buy for your business is considered to be a van as opposed to a car. If you are VAT registered, you can claim back the VAT added to the purchase price (as long as there…
How deep are your pockets
Next month, those of us who are still self-employed will be digging deep to pay our second payment on account for the tax year 2017-18. The deadline to avoid late payment interest and penalties is 31 July 2018. For most of us, these payments on…