As usual, it was a mixed bag of measures, so that some of us will be better off and some of us worse off. For Mums working in business, what can we expect for 2011-12? 1. Increase in the personal allowance. The personal allowance will increase by £1k from 6th April 2011 to £7,475. This [...]
What expenses are not allowable for limited companies?
March 18, 2011 by 4 Comments
When you incorporate, you will find that the rules on what you can and can’t claim as expenses against your profit for taxation purposes are a little different to the rules that applied when you were a sole trader. If the taxman thinks that you have claimed sonething you shouldn’t have, it could impact on [...]
Investments for children
December 10, 2010 by Leave a Comment
Now that the Child Trust Fund (CTF) has been phased out, the Government has announced that they will introduce a new tax-free children’s savings account, the “Junior ISA” from 1 November 2011. Key features of the new account include: all returns will be tax-free funds will not be available until the child reaches 18 you will [...]
Mums in Business : 10 Practical ways to save you, your business and your family money
November 13, 2010 by Leave a Comment
5 Tips to reduce the risk of losing your child benefit
October 16, 2010 by Leave a Comment
As you may have heard in early October 2010, from 2013 child benefit is set to be denied to those families where one parent is a higher rate taxpayer. Child benefit is currently £20.30 a week for the eldest child, and £13.40 per child for subsequent children (2011-12 rates shown), so many of us face losing [...]
Tax credits – what you need to know
September 25, 2010 by 3 Comments
In June 2010, the new coalition government announced a series of changes to the tax credits system. These included an increase in the “taper rate”, that is the rate at which the tax credit will disappear over certain income thresholds, a reduction in the threshold for receiving the family element of tax credits, and an [...]
5 Tax Tips for Mumpreneurs
August 21, 2010 by Leave a Comment
This blog is designed to alert you, the Mumpreneur, to some tax savings that will have implications for you and your family’s future. 1. Child Benefit and Tax Credits Make sure you know what changes are coming to the child benefit and tax credits system and what you may be able to do to prepare [...]
Tax tips for Mumpreneurs – childcare
August 21, 2010 by Leave a Comment
In order to be tax deductible, business expenses must be wholly and exclusively for business use in a sole trader business. If the expenses fulfil a dual purpose (that of business and personal) they are disallowed. This applies to range of expenses such as work clothes, subsistence while working, and childcare. Childcare costs are not [...]
Mumpreneurs : Tax deductible expenses you might be missing out on….
June 19, 2010 by 4 Comments
For the newly self-employed/ director mumpreneur, or even those more experienced in business, it is often tricky trying to work out what expenses you can and can’t offset against the income you earn from your business when completing your self-assessment tax return or accounts. The general rule is that you can claim all expenses that [...]
