Finance & Accounting
Five tax-efficient ways to extract profits
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish
October 19, 2022
Finance & Accounting
Are you able to claim small business rate relief for your furnished holiday let?
Holiday homes and holiday lets are treated differently – holiday lets are liable for business rates while holiday home owners must pay council tax. This
October 17, 2022
Finance & Accounting
CGT on residential property gains – are you aware of the 60-day limit?
Statistics published by HMRC in August 2022 revealed that in the 2021/22 tax year, 129,000 taxpayers reported residential property disposal using HMRC’s online service, filing
October 14, 2022
Finance & Accounting
Holiday lettings – beware of longer lets
Furnished holiday lettings enjoy favourable tax treatment as long as certain conditions are met, allowing landlords of holiday lets to access certain valuable reliefs, such
October 13, 2022
Finance & Accounting
What are determinations and can they be cancelled?
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it
October 12, 2022
Finance & Accounting
How gifting can save you tax 
Gifting assets during one’s lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run.
October 10, 2022
Finance & Accounting
Take advantage of the rent-a-room scheme
If you are feeling the pinch and you have a spare room in your home, you may consider renting it out to earn some additional
October 6, 2022
Finance & Accounting
Lettings relief – do you qualify?
In the halcyon days of buy-to-let ownership, landlords were able to benefit from lettings relief if they sold a let property which at some point
October 3, 2022
Finance & Accounting
Is a property company a tax-efficient option?
Tax changes in recent years to the way that unincorporated landlords are treated for tax purposes, particular in respect to relief for interest, have resulted
September 30, 2022
Finance & Accounting
Is it still worth incorporating?
For many years, working out whether tax savings could be achieved by incorporation was relatively straightforward. Once profits reached a particular level, transferring the trade
September 28, 2022
Finance & Accounting
Family Investment companies – how do they work?
Although Family Investment Company’s (FIC) have been around for several years, awareness of the flexibility that such a vehicle affords has been growing in recent
September 26, 2022
Finance & Accounting
Help if you are struggling to meet your tax bills
Inflation is at a ten-year high and the ensuing cost of living crisis means that many people may be struggling to pay the tax that
September 23, 2022
Finance & Accounting>Capital Gains Tax
Transferring assets between spouses
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners
September 21, 2022
Finance & Accounting
Paying PAYE by recurring direct debit
Employers must act as a tax collector for HMRC, deducting tax, National Insurance and, if applicable, student loan deductions, from their employees’ pay and pay
September 19, 2022
Finance & Accounting
Take advantage of the dividend allowance
Where a business is operated as a family company, it is necessary to extract the profits from the company in order to use them outside
September 16, 2022
Finance and Accounting
Are you trading?
It will not always be apparent when a hobby tips over into a trade and the point at which you need to declare your income
September 14, 2022
Finance & Accounting>Finance & Accounting
The tax implication of renting accommodation to your business
Many director-owners of companies own the commercial property from which their company trades. The reasons for this vary and could be historic e.g. the business
September 5, 2022
Finance & Accounting>Finance & Accounting
Common deductible business expenses
No-one wants to pay more tax than they need to. Consequently, it is important to keep good records of business expenses so that deductible expenses
August 25, 2022
Finance & Accounting>Finance & Accounting
Tax relief for bad debts
Bad debts are a fact of business life and most businesses will suffer a bad debt from time to time. This may be because the
August 24, 2022
Finance & Accounting>Finance & Accounting
Capital allowances for cars
Capital allowances are a mechanism for providing tax relief for capital expenditure. Relief is generally given in the form of a writing down allowance, although
August 22, 2022