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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
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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
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Protecting hard-won local customer networks is a constant and necessary battle for commercial suppliers. However, a recent High Court judgement has exposed the risks inherent in employing standard ‘boilerplate’ contracts to restrict departing sales
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Economic conditions remain uncertain and many business owners are understandably cautious about the months ahead. Although there are signs of improvement in some sectors, rising costs, changing customer demand and ongoing economic pressures mean that
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Artificial intelligence (AI) has dominated business headlines over the past year, with many suggesting it will transform the way companies operate. While there is no doubt that AI has enormous potential, recent research indicates that many small
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Keeping your skills and knowledge up to date is important but the cost of professional training can add up. If you are self-employed some training costs may be claimed as allowable business expenses. Training costs can usually be claimed where the
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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,
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Most people are aware that cash donations to a charity can qualify for tax relief. However, it is less well known that gifts of land, property and qualifying shares can also provide valuable tax advantages. If you donate land, property or shares to
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Your State Pension forecast can help you plan for retirement by showing how much State Pension you could be entitled to, when you can claim it and whether there are ways to increase your entitlement. The online forecast service
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A Full Payment Submission (FPS) is a payroll report that employers must send to HMRC every time they pay employees. Using payroll software, employers use an FPS to report payments made, deductions from pay and National Insurance information, ensuring