Q1. I quit my job in July 2022 and became self-employed from September 2022. I started to pay class 2 NIC for my self-employed trade with effect from 1 September. Will the 2022/23 count as a qualifying year towards my… Read more
Q1. I have just received a bonus payment of £100 from the Nationwide Building Society. Do I need to pay tax on this? A: This bonus payment from the Nationwide is treated as normal bank interest for tax purposes, so it… Read more
Q1. The payroll for my business has increased during 2022/23, so the employer’s NIC bill topped £100,000 for the first time. Does this mean I can’t claim the Employer’s Allowance for 2023/24? Is there anything I can net off against… Read more
Q. In his Spring Budget, the Chancellor said ‘full expensing’ would apply to plant and machinery. Does this mean I can write off the balance brought forward in my plant and machinery pool, which was previously written down at 18%… Read more
Q. My company is buying an electric car for me to use for business and private journeys. In truth there will be very few business journeys. Can the company still claim the 100% first year allowance, although the business use… Read more
