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Read up on the latest news from DRS.
Chancellor’s Autumn Statement 2022
The Chancellor, Jeremy Hunt, delivered his Autumn Statement whilst being faced with a challenging economic backdrop to his first major set piece, grappling with a combination of over 11% inflation, an official recession and the need to calm markets and re-establish...
Personal Bills Paid For By The Company – What’s The Tax And NIC Position?
It's all to easy for a business owner to say "let's just pay for this through the company". when it comes to personal expenses and bills. At this point, the warning light at your accountant's office is blinking furiously. But why? The company belongs to you and...
Capital Allowances & Cars – a brief note
Capital allowances are a mechanism for providing tax relief for capital expenditure. There are several rates of capital allowances available depending on the asset acquired. Relief is generally given in the form of a writing down allowance, although a first year...
National Insurance changes from July 2022
There have been many changes to National Insurance Contributions so it’s important to be aware of the changes and how this will affect you. Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in...
Cryptocurrency – what is a sale – gain or income?
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual ownership of the 'coins' are stored in a digital ledger with secure transaction...
How to claim tax relief for employment expenses
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for expenses. Relief is only available for expenses that you must incur, rather than those that you choose to incur, and the expenses must be...
Gifts –beware capital gains tax may be payable
The nature of a gift is that it is something that is given to someone without receiving a payment in return. Consequently, as nothing is received in return it initially seems unlikely that making a gift would trigger capital gains tax on gifts. However, unfortunately...
Autumn Budget 2021
The Chancellor’s well-trailed speech was accompanied by the first multi-year Spending Review since 2015 and the latest Economic and Fiscal Outlook (EFO) from the Office for Budget Responsibility (OBR).
Claim tax relief for additional costs of working from home
In recognition of the homeworking requirements imposed by the pandemic, employees who do not receive homeworking payments from their employer are able to claim tax relief for the extra household costs that they have incurred while working from home.
A claim of £6 per week (£312 for the year) will save a basic rate taxpayer £62.40 in tax and a higher rate taxpayer £124.80 in tax.
Passion, positivity and perfectionism
If you’re fired up about a great business idea but don’t know where to start, we can help.