Pro-Taxman

Rent-a-room: Can you benefit?

Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to restrict the relief so that it was only available where the occupation by the …

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Interest relief for renovation or development costs

Often, when a property is purchased there is work to be done before it can be let out or sold. Where this work is financed by a mortgage or other loan, the way in which and the extent to which relief is available for the interest costs depends whether it falls with the property income …

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Importance of registering for child benefit even if the High-Income Child Benefit charge applies

Parents affected by the High-Income Child Benefit charge (HICBC) can be forgiven for thinking that there is no point is registering for child benefit if they are only going to have to give back everything they receive in the form of the tax. The HICBC applies where the parent claiming child benefit or their partner …

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Jointly-owned property – who pays the tax?

Where property is jointly-owned, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not. Married couples and civil partners Where a property is jointly owned by a married couple or civil partners, the …

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Using the cash basis – is it for you?

The cash basis is a simpler way of working out taxable profits compared to the traditional accruals method. The cash basis takes account only of money in and money out – income is recognised when received and expenses are recognised when paid. By contrast, the accruals basis matches income and expenditure to the period to …

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Don’t pay for expenses that your employer should be paying for – here’s how and when to claim a tax deduction.

Employees – claim a tax deduction for expenses Employees often incur expenses in doing their job – this may be the cost of a train ticket or petrol to visit a supplier, or purchasing stationery or small tools which are used in their job. Employers will frequently reimburse the employee for any expenses that they …

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Which childcare scheme is best for your family?

Employees who joined their employer’s childcare voucher or employer-supported childcare scheme before 4 October 2018 can remain in that scheme and benefit from the associated tax relief for as long as the employer continues to offer it. However, this may not always be the best option for the employee – depending on their circumstances they …

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Modern Day Accounting in Hounslow

Modern Day Accounting in Hounslow   Accounting tends to be one of the most crucial factors for any business. This is essential because of the reason that this particular business function gives much-needed insight into the overall performance of the business so that better-informed decisions can be subsequently be taken. As far as Hounslow is …

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