Finance & Accounting>Finance & Accounting
Can you benefit from rent-a-room?
The rent-a-room scheme allows people to earn rental income tax-free when they let out a furnished room in their own home. You do not have
May 5, 2022
Property Income
Making use of the property income allowance
The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does
May 3, 2022
Finance & Accounting>Finance & Accounting
Construction Industry Scheme – be aware of the ‘trap’ when working with other contractors
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance contributions for those working in the construction industry: be they companies,
April 28, 2022
Finance & Accounting>Finance & Accounting
Changing company accounting periods – the implications
The usual method of incorporation is via Companies House WebFiling or Company Formation Agent (although paper submissions are still accepted). If incorporating via WebFiling there
April 25, 2022
Finance & Accounting>Finance & Accounting
Holiday lets – what happens if the rules are not complied with?
When it comes to letting property, not all are equal when it comes to tax – lettings that qualify as ‘furnished holiday lettings’ (FHLs) benefit
April 22, 2022
Finance & Accounting>Finance & Accounting
What counts as a garden for private residence relief?
Private residence relief prevents a tax charge from arising if there is a capital gain when a person sells a property that has been their
April 20, 2022
Finance & Accounting>Finance & Accounting
Splitting capital and revenue expenditure
When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on whether the expenditure
April 18, 2022
Finance & Accounting>Finance & Accounting
Allocating income for tax when property is jointly owned
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax
April 13, 2022
Finance & Accounting>Finance & Accounting
Plastic packaging tax – who is liable?
Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is
April 11, 2022
Finance & Accounting>Finance & Accounting
Claiming NIC veterans’ relief from April 2022
To encourage employers to employ armed forces veterans, a new relief was introduced with effect from 6 April 2021 where an employer took on an
April 8, 2022
Finance & Accounting>Finance & Accounting
Identifying NIC increases on the pay-slip
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of
April 6, 2022
Finance & Accounting>Finance & Accounting
MTD for VAT for all
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with
April 4, 2022
Finance & Accounting>Finance & Accounting
Filing 2021/22 expenses and benefits returns
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have
April 2, 2022
Finance & Accounting>Finance & Accounting
Compulsory acquisition of land – tax consequences
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the
March 31, 2022
Finance & Accounting>Finance & Accounting
SDLT savings for mixed use property
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
March 29, 2022
Finance & Accounting>Finance & Accounting
Can you benefit from the £1,000 property allowance?
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
March 28, 2022
Finance & Accounting>Finance & Accounting
Interest on VAT repayments from HMRC – the current rules and proposed abolition of repayment supplement.
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
March 28, 2022
Finance & Accounting>Finance & Accounting
Difference between tax planning and tax avoidance
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
March 23, 2022
Finance & Accounting>Finance & Accounting
Loans to participators
Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For
March 23, 2022
Finance & Accounting>Finance & Accounting
Corporation tax increases soon to take effect
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now.
March 15, 2022