Finance & Accounting>Finance & Accounting
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
Finance & Accounting>Finance & Accounting
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
Finance & Accounting>Finance & Accounting
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
Finance & Accounting>Finance & Accounting
‘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
Finance & Accounting>Finance & Accounting
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
Finance & Accounting>Finance & Accounting
Overlap profits – What are they and when is relief given?
Under the current rules for determining which profits of an unincorporated business aretaxed in a particular tax year, some profits may fall to be taxed
December 8, 2021
Finance & Accounting>Finance & Accounting
Income from savings – What is tax-free
Not all types of income are equal from a tax perspective, and savings income enjoysdedicated allowances, tax rates and reliefs which allow a taxpayer to
December 6, 2021
Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in amonth when people may be already struggling to pay their Christmas
December 4, 2021
Finance & Accounting>Finance & Accounting
Payments on account – Who needs to pay and how are they calculated?
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January2022 if a late filing penalty is to be avoided. The
December 3, 2021
Finance & Accounting>Finance & Accounting
Different ways of deferring CGT by selling or gifting a business asset – hold over relief, roll over relief etc.
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) ofmost assets. However, if the disposal is of ‘business assets’
November 30, 2021
Finance & Accounting>Finance & Accounting
Bed and breakfasting rules’ – Director’s loan account – borrowing, repaying and then borrowing again- ‘arrangements’
Throughout an accounting period a director will withdraw monies from the company againstthe director’s loan account (DLA), the withdrawals being satisfied usually by the taking
November 25, 2021