OXON Accountancy

Alert for the self-employed: Did you know some business insurance costs could reduce your tax bill? Discover what qualifies and how to keep your claims solid. Find out why keeping invoices is key to avoiding hassle with tax relief claims. Read on to protect your profits!

Claiming tax relief on business insurance | Oxon accountancy If you are self-employed, you may be able to claim tax relief on certain business insurance costs as an allowable expense. This means the cost can be deducted when calculating your taxable profits,

Urgent update for new employers! If you're starting to pay staff or subcontractors, there's a must-do step before payday. Missing it could complicate your payroll. Find out why registering as an employer matters for your business now.

Does your business need to register as an employer? | Oxon accountancy If you are starting to employ staff or engaging subcontractors for construction work, you will generally need to register as an employer with HMRC. This obligation extends even to individuals who are

Alert: When does your hobby turn into a taxable business? Making a few sales might not trigger tax, but growing activity could. Find out why understanding this matters before you cash in. Read on to see if your pastime is still just a hobby or something more.

When does a hobby become a taxable business? | Oxon accountancy Not every hobby becomes a taxable business, but it is important to be aware when this can happen. This can apply even if you are making some money from your hobby. HMRC looks at a range of factors to

Alert for VAT-registered businesses: Are you missing out on VAT refunds to which you are entitled? Discover how you could claim more on your business expenses and get a boost for your budget. Find out why it pays to check your VAT returns carefully and capitalise on what's owed to you.

Could your business recover more VAT? | Oxon accountancy If your business is VAT registered, you can usually reclaim VAT on many of the goods and services you buy for business purposes. However, many businesses fail to claim everything to which they are

Alert for married couples and civil partners: You could be paying more Capital Gains Tax than necessary! Transfers between spouses might lower your overall tax bill without immediate charges. Curious how your home or investments could benefit? Read on to find out why this matters now.

Is your spouse paying more tax than necessary? | Oxon accountancy Married couples and civil partners are taxed separately for Capital Gains Tax (CGT), meaning each person has their own annual tax position. However, with careful planning, transferring assets between

Alert for property owners: Not all repair costs are equal when it comes to tax relief. Knowing what counts could save you money. Find out why it matters now.

Could you claim tax relief for property repairs? | Oxon accountancy Property owners often incur costs for repairs, and understanding which costs can be deducted is important when calculating taxable property income. You can generally claim tax relief for repairs

Alert for UK business owners: If your taxable sales hit £90,000 in a year or will soon breach this threshold, you must register for VAT. Don't miss the deadline, find out why this matters now and what to do next.

Do you know who must register for VAT? | Oxon accountancy Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold, or if they expect it to exceed the threshold in certain circumstances. The VAT registration

Alert: Your company's trading losses could lower your tax bill more than you think. Discover how using loss relief might ease cash flow. Read on to find out why it matters.

Are you maximising tax relief on company losses? | Oxon accountancy If your company makes a trading loss, it may be able to claim relief to reduce its Corporation Tax liability. Trading losses can often be used in different ways, depending on your company’s

Alert: Your savings could trigger a tax bill without you realising. Different allowances may cover your interest, but what if you exceed them? Find out why it matters now and what to watch for if your savings interest changes the tax picture.

Could your savings generate a tax bill? | Oxon accountancy Most individuals can earn interest from their savings without incurring a tax liability thanks to a number of allowances available each tax year (from 6 April to 5 April). These include your Personal

Alert: Selling shares this tax year? You might face Capital Gains Tax if your profits exceed the £3,000 allowance. Costs and reliefs can change what you owe. Find out why this matters to your wallet and what to keep in mind before you report to HMRC. Read on for the essentials.

Selling shares this year? | Oxon accountancy If you are selling shares or other investments, you may incur Capital Gains Tax (CGT) on any profit, or 'gain', you make. You will need to work out your gain to determine if you need to pay tax, which