Rental deposits A landlord will usually take a deposit from a tenant when letting a property to cover the cost of any damage caused to
Dividend complexities The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018.
Simplified expenses for smaller businesses Certain unincorporated small businesses may choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed
Just starting outAs long as HMRC can be satisfied that a business is being run on a commercial basis with a view to making a
Furnished holiday lettings – is it worth qualifying? When it comes to taxing rental income, not all properties are equal. Different rules apply to properties
Stamp duty land tax on non-residential properties Stamp duty land tax (SDLT) is payable in England and Northern Ireland on the purchase of property over
Annual tax on enveloped dwellings The annual tax on enveloped dwellings (ATED) is a tax that applies, in the main, to companies owning residential property
Give from income to save inheritance tax Within a family scenario, there are many situations in which one family member may make a gift to
Travel expenses and the 24-month rule As a general rule, employees are denied a tax deduction for the cost of travel between home and work.
At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between
Individuals who donate to charity can do so tax-free. There are various ways of making tax-relieved gifts to charity – the way in which the
Employees with a company car are taxed – often quite heavily – for the privilege. The charge is on the benefit which the employee derives
All traders – whether sole traders, partnerships, or limited companies – are obliged to register to charge and pay VAT once annual sales reach a
Entrepreneurs’ relief is intended to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Certain aspects
An increase in the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme took effect from 6 April 2019.
It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps
If an employee is able to use a work’s van for private use, which generally includes home-to-work travel, there will be a taxable benefit and
A statutory exemption exists, which allows employers to meet the cost of certain social events for staff without triggering a liability to tax or NICs,
A PAYE Settlement Agreement (PSA) enables the employer to pay the tax and National Insurance instead of the employee on those benefits and expenses included
The payment of National Insurance contributions provides the mechanism by which an individual builds up their entitlement to the state pension and certain contributory benefits.
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