A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those
When letting property, the aim is to make a profit. However, as recent years have shown, life is unpredictable and things do not always work
The rent-a-room scheme allows people to earn rental income tax-free when they let out a furnished room in their own home. You do not have
The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance contributions for those working in the construction industry: be they companies,
The usual method of incorporation is via Companies House WebFiling or Company Formation Agent (although paper submissions are still accepted). If incorporating via WebFiling there
When it comes to letting property, not all are equal when it comes to tax – lettings that qualify as ‘furnished holiday lettings’ (FHLs) benefit
Private residence relief prevents a tax charge from arising if there is a capital gain when a person sells a property that has been their
When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on whether the expenditure
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax
Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is
To encourage employers to employ armed forces veterans, a new relief was introduced with effect from 6 April 2021 where an employer took on an
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
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