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Finance & Accounting>Finance & Accounting

Picking up on van benefits

An income tax charge will generally arise where an employee, or a family member, is able to use a work’s van for private use. This will nearly always include home-to-work travel. From 6 April 2020, the flat-rate van benefit charge crept up once again and currently stands at £3,490 (rising from £3,430 in 2019/20), which …

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Virtually time for the office Christmas party

Despite the crazy and uncertain times that we find ourselves living in, directors and employees can still celebrate Christmas in tax-free style – even it does have to be in the form of a ‘virtual’ office Christmas party. Although there is no specific allowance for a Christmas party, or any other employer-provided social function, HMRC …

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Rent-a-room relief

The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free each year without the need to declare it to HMRC. Where more than one person receives the income, each can receive £3,750 tax-free. The limits are not reduced if the …

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How to Cost-Effectively Manage Your Accounting Division?

(Cost Effective cheap accounting in Hounslow) Competition across the globe has been intensifying at an increasing pace over time. In this regard, businesses in the modern-day and age are more vigilant about their cost centers, to ensure that they are not overspending, and can stay within the desired budget. Speaking of Hounslow, it is a …

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What To Look For When Hiring An Accountant In Hounslow?

Recruiting employees can be one of the most integral functions of any organization. Recruitment is a costly function, and organizations need to consider a number of functions to ensure that they are able to take the right decision in this regard. Even for ancillary departments in a business, like accountancy. It can be seen that …

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How to Cost-Effectively Manage your Accounting Division?

cheap accounting Hounslow: Competition across the globe has been intensifying at an increasing pace over the course of time. In this regard, businesses in the modern-day and age are more vigilant about their cost centers. In order to ensure that they are not overspending, and are able to stay within the desired budget. Speaking of …

How to Cost-Effectively Manage your Accounting Division? Read More »

It is easy to fall into the trap of assuming that legal and professional costs can be computed in calculating taxable profits if they are incurred wholly and exclusively for the purposes of the business; however this is only part of the story.  

Legal and professional fees – Capital or revenue? At some point, a landlord is likely to incur legal and professional fees in connection with the running of their property rental business. It is easy to fall into the trap of assuming that these costs can be computed in calculating taxable profits if they are incurred …

It is easy to fall into the trap of assuming that legal and professional costs can be computed in calculating taxable profits if they are incurred wholly and exclusively for the purposes of the business; however this is only part of the story.   Read More »

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught.

Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift, it is important to ascertain …

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught. Read More »

It can pay off to keep track of your business mileage you incur for your rental properties – here’s why.

Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car for business purposes, the easiest way to …

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Joint tenants v tenants in common – Which you choose will depend on whether you’d like flexibility in allocating property income, and how you want your property to be passed on.

Joint tenants v tenants in common – Does it matter? There are two different ways of owning property jointly – as joint tenants or as tenants in common. The way in which the property is owned determines exactly who owns what and also what happens when one of the joint owners dies and how any …

Joint tenants v tenants in common – Which you choose will depend on whether you’d like flexibility in allocating property income, and how you want your property to be passed on. Read More »