The annual investment allowance (AIA) allows you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The
Making Tax Digital (MTD) is a government programme to move to a digital tax world.HMRC’s stated ambition is to become one of the most digitally
Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether
Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
Where inheritance tax is payable on an estate, it must normally be paid by the end of the sixth month after that in which the
Childcare is expensive; however, the tax system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported
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,
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
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
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
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.
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
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
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
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
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
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
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
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
