If you use an agent to manage a let property, they may incur expenses, such as repairs and cleaning costs, on your behalf and recharge
The summer is a popular time for events and event parking is often limited. If you have a drive or field that you do not
HMRC’s basic premise is that where a company pays a personal bill, there will be tax and National Insurance implications unless the expense is work
Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief potentially providing 100% tax relief in respect of qualifying assets (termed ‘relevant business property‘)
Sometimes it is evident that a trade is being undertaken — a plumbing business, a manufacturing business, an accountant or solicitor are all ‘trades’. However,
HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and
From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional
Private residence relief is a well-known relief but one which is often misunderstood. It applies to remove the liability to capital gains tax that would
Sometimes a business may have ceased trading but then receives income or incurs expenses that have not been included in the final cessation accounts e.g.
There is usually a capital gains tax (CGT) charge when a chargeable asset is sold at a gain (subject to the individual personal allowance for
Few taxpayers are aware that the Adjudicators’ Office (AO) exists. The AO was set up in 1993 to provide an independent free-to-use complaints procedure when
The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to
There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature
Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as
If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are
Directors and shareholders in close companies are often able to influence the payments that are made to them. Broadly, a close company is one that
In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain
Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a
First-time buyer relief may reduce the stamp duty land tax (SDLT) that a first-time buyer pays when they buy their first home in England or
In preparation of the introduction of MTD for income tax, which comes into effect from 6 April 2024 for unincorporated businesses and landlords with trading
Copyright © 2025 Pro-Taxman. All rights Reserved.
