What is the trading allowance?

What is the trading allowance? In April 2017 HMRC introduced a ‘trading allowance’ for people with side hobbies or other sources of casual or miscellaneous income.  The allowance exempts up to £1,000 of gross income per tax year for hobby activities such as cake sales, dog walking, photography, arts and crafts or earnings from semi-professional activities like sporting appearances or… Read More

Cryptic Currency

If you are one of the (reportedly) millions of people in the UK investing in various types of crypto like Bitcoin, Ethereum, Litecoin, Dogecoin then you may be wondering what is your UK tax position? Currency or not?  Back in 2012, HMRC changed the UK taxation reporting rules on traditional foreign currency like dollars & euros. No longer was exchanging… Read More

Electric Cars – the new and cost effective method of getting around?

Over recent years, owning a conventional personal car via your company has not been an attractive proposition; expensive ‘benefit in kind’ charges, an exorbitant fuel benefit charge (for personal usage) and the relatively low advisory rates on fuel reimbursement made it a non-starter for many company Directors.  Even mid-range petrol and diesel executive cars can generate personal tax charges via… Read More