Capital Gains Tax
Capital gains tax annual exempt amount – use it or lose it
The 2025/26 tax year comes to an end on 5 April 2026. If you are thinking of selling assets that may realise a gain and
February 8, 2022
Finance & Accounting>Finance & Accounting
Paying back a director’s loan – beware of the anti-avoidance rules
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording
February 3, 2022
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Electric company cars – are they still tax-efficient?
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax
January 31, 2022
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VAT flat rate scheme – is it worthwhile?
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by
January 29, 2022
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Tell HMRC that your company is dormant
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve
January 27, 2022
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Using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
January 25, 2022
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Tax relief for pre-trading expenses
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able
January 21, 2022
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Relief for rental losses
While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a
January 19, 2022
Finance & Accounting>Finance & Accounting
Identifying a UK property rental business
Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
January 17, 2022
Finance & Accounting>Finance & Accounting
Undertaking work on a rental property while empty – can you deduct the costs?
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
January 13, 2022
Finance & Accounting>Finance & Accounting
How HMRC deals with tax debts
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their
January 11, 2022
Finance & Accounting>Finance & Accounting
Dividend ‘traps’
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
January 6, 2022
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Holiday lets – tax implications.
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
January 4, 2022
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‘Dynamic’ PAYE Tax Coding
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronicallybefore making any salary or wage payments. To ensure that the right amount of
December 29, 2021
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The future for tax payments
The government receives its tax money on different dates depending upon the type of taxcharged. Taxpayers taxed under PAYE usually pay their tax bills monthly;
December 27, 2021
Finance & Accounting>Finance & Accounting
Companies limited by guarantee
Companies Limited by Guarantee (CLG) are private companies that do not have shares orshareholders but instead have members called ‘guarantors’. The members agree to contributea
December 23, 2021
Finance & Accounting>Finance & Accounting
Will you have to pay the SDLT surcharge?
If you already own at least one property and you buy a residential property in England orNorthern Ireland, you may have to pay the stamp
December 20, 2021
Finance & Accounting>Finance & Accounting
Capital allowances and furnished holiday lettings
When it comes to let properties, furnished holiday lettings (FHL) are a special case andbenefit from a number of concessions not available to standard lets.
December 15, 2021
Reporting and paying tax on UK residential property gains
Where a chargeable gain arises in respect of a UK residential property, since April 2020, thegain must be reported to HMRC and a payment made
December 13, 2021
Finance & Accounting>Finance & Accounting
Do I need to top up my pension?
A full single tier state pension is payable to people who have 35 qualifying years. Individualswho have less than 35 qualifying years, but at least
December 10, 2021