Becoming a freelancer – setting up a limited company
When making the decision to become a freelancer, you have two options. You can either set up as a sole trader or start a limited company.
How fintech lending can help SMEs unlock new financing opportunities and boost growth
The current economic climate is less than favourable for small and medium-sized enterprises (SMEs).
How the King’s speech could affect your business finances
His Majesty the King’s speech, at the state opening of Parliament, is a significant event for businesses and financial professionals who rely on Government regulation to function effectively and within the law.
What businesses need to know about recent updates to payroll
The Department for Business and Trade has recently released feedback on two major consultations concerning payroll and holiday entitlements.
How can the Marriage Allowance save you money?
There are many financial and legal benefits to being married or in a civil partnership, but one of the most overlooked reasons is the potential for tax relief.
This is because, thanks to the Marriage Allowance, where one partner earns below the tax threshold, they can transfer a portion of their personal allowance to the other partner, reducing the amount of tax they need to pay.
Am I eligible?
The Marriage Allowance relies on one spouse earning below their Personal Allowance of £12,570 per year. This can be through not working, having a low-paying or part-time job, or being retired.
The other partner must be paying the basic tax rate to receive the allowance, meaning their annual income must be between £12,571 and £50,270 per annum.
If this is the case, the lower-earning partner can transfer up to £1,260 of their personal allowance to their higher-earning partner.
How does it work?
By transferring part of your personal allowance to your partner, you increase their personal allowance up to £13,830. This reduces the portion of their income that they are liable to be taxed on, saving them up to £252 per year.
It is important to bear in mind that this transfer reduces the personal allowance of the lower-earning partner by the same amount, meaning that if they earn over £11,310, they are liable to pay tax.
Despite this, it is often still worth the transfer, as the lower-earning partner will still be paying a lower amount of tax, and it will contribute to an overall saving for both partners.
How do I get it?
You can apply for Marriage Allowance on the Government website if you fit all the criteria mentioned above.
If you or your partner were born before 6 April 1965, you may benefit more by applying for Married Couple’s Allowance instead.
It is also possible to backdate the claim to include any tax year from 5 April 2019, meaning that you and your partner can get further reductions to your tax bill.
If you are unsure whether the Marriage Allowance will benefit you and your partner, get in touch with our experts today for help and advice.
A look at the scalability of in-house vs outsourced accounting
As a business grows, its accounting needs become more complex and time-consuming.
How will the new Procurement Act benefit SMEs?
The recent Royal Assent of the Procurement Act marks a significant milestone in the evolution of public procurement.
Is unconscious bias impacting your business decisions?
When it comes to business decisions, taking an objective view is essential. But distinguishing your thoughts from the facts is easier said than done.
Understanding loss carry-back claims
In the unpredictable world of business, it’s not uncommon for companies to experience financial losses.
