10 deductible expenses
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing
Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home
The typical situation where ‘opt to tax’ could be used is where a commercial property is purchased for renting. As a new commercial property, VAT
If an employer pays less than these rates, the employee can claim tax relief for the unused balance. Where an employer pays less than these
With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started on 12 June, running
For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important
Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital
If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some
Even if you pay all your tax through PAYE, you may still need to complete a Self-Assessment tax return if you are a high earner.
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for
Employers looking to take on new staff may wish to consider employing two or more part-time workers rather than one full-time worker. This can save
The Employment (Allocation of Tips) Act 2023 sets out a new legal framework for the fair allocation of tips. A new Code of Practice is
The number of businesses closing down is steadily increasing. Many of those businesses will have staff, therefore the legal and tax position of any termination
When setting up in business, most people weigh up the pros and cons of operating as an unincorporated business or a limited company. However, there
As part of HMRC’s Making Tax Digital initiative, the existing method of calculating profits on an accounting year basis is to be abolished for the
If you have a spare room in your home, you may consider letting it out to raise some much-needed cash to help meet rising living
The main residence exemption applies for capital gains tax purposes to the extent that a property is used as the taxpayer’s only or main residence.
As the cost-of-living crisis bites, landlords may find that tenants struggle to pay their rent. Where this is the case, the relief that is available
The personal allowance is set at £12,570 for 2023/24. However, not everyone is able to benefit from the personal allowance. A taper applies which gradually
Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a
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