Finance & Accounting>Finance & Accounting
Are you trading?
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules,
September 17, 2021
Finance & Accounting>Finance & Accounting
Disposing of an asset on which capital allowances have been claimed
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception
September 15, 2021
Finance & Accounting>Finance & Accounting
Relief for replacement of domestic items
In a furnished let, wear and tear of domestic items is inevitable and there will come a time when the landlord will need to provide
September 14, 2021
Finance & Accounting>Finance & Accounting
SDLT and uninhabitable properties
For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let
September 13, 2021
Finance & Accounting>Finance & Accounting
Furnished holiday lettings and interest costs
For tax purposes, furnished holiday lettings are something of a special case and benefit from a number of advantages not available to standard residential lets.
September 10, 2021
Finance & Accounting>Finance & Accounting
Avoiding an investigation: How does risk assessment work – what do HMRC look for?
Last year apart, the number of tax enquiries is on the increase; the reason is not because more taxpayers are seeking to defraud the tax
September 9, 2021
Finance & Accounting>Finance & Accounting
Stamp duty land tax refunds
The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of
September 8, 2021
Finance & Accounting>Finance & Accounting
Distributions on cessation of a company
When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the
September 6, 2021
Do you have employees coming to the UK on temporary assignment?
If so, they could benefit from temporary workplace relief. If an employee is seconded to the UK for no more than 24 months, a deduction
September 4, 2021
Finance & Accounting>Finance & Accounting
Making mileage payments to employees
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be
August 26, 2021
Finance & Accounting>Finance & Accounting
Do I need to register for VAT?
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at
August 23, 2021
Finance & Accounting>Finance & Accounting
Pension annual allowance – Making tax relieved contributions
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that
August 20, 2021
Finance and Accounting
Collection of tax debts post Covid-19
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering
August 18, 2021
Finance and Accounting
RTI penalties and period of grace
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is
August 16, 2021
Finance and Accounting
New furnished holiday lets – Applying the test
All business must start at some point, and a furnished holiday lettings (FHLs) business is no exception. Unlike other rental properties, furnished holiday lettings enjoy
August 12, 2021
Finance and Accounting
Property Investment – What SIC Code Should I Use For My Property Company?
A SIC code stands for Standard Industrial Classification code and classifies your business activity at Companies House. SIC code for a company can be changed
August 11, 2021
Finance and Accounting
Working out the capital gain on the sale of an investment property
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay
August 9, 2021
Finance and Accounting
Gifting property to the children
No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell
August 6, 2021
Finance and Accounting
Using ‘bounce bank loan’ to pay dividends – Is that what it was for?
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum
August 5, 2021
Finance and Accounting
What is meant by taking ‘reasonable care’?
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be
August 3, 2021