If your company has been hit by the pandemic, you might be thinking of waiving your dividend or remuneration as a shareholder or director. Read more…
Waiver of dividends and remuneration Many companies are experiencing financial difficulties brought about by the coronavirus pandemic and there will be many instances where directors
Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars.
Company car mileage rates update The company car benefit tax charge does not cover fuel provided for a company vehicle. This means that where an
Tax tip! When you buy shares over £1000 you have to pay stamp duty of 0.5% on the transaction. Read more…
Stamp duty on share transactions Stamp duty is the oldest of our surviving taxes – dating as far back as 1694 – although the scope
Discover the latest information on dealing with director’s loans and the section 455 charge for 2020/21, read more below.
Dealing with directors’ loans For accounting purposes, cash transactions between a director and a personal or family company are recorded through the director’s account. At
Most businesses have suffered due to the pandemic, but should you take the option to defer your payment on account to 31 January 2021? Read more…
Deferring self-assessment POA – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have
Small employers can now reclaim statutory sick pay paid to employees who were absent from work due to the Coronavirus. Read more…
Reclaim SSP for Covid-19 absences Small employers can now reclaim statutory sick pay (SSP) paid to employees who were absent from work due to the
Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more…
Reporting expenses and benefits for 2019/20 Employers who provided taxable expenses and benefits to employees in 2019/20 need to tell HMRC about them by 6
If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.
Furnished holiday lettings – What can you do if you fail to meet the occupancy tests due to the Covid-19 pandemic? Lets that qualify as
Pro-taxman in Hounslow strongly advises that you initially need to determine your residency status for the tax year in question. This is decided using the
Not putting a property in joint names prior to selling is an easily avoided mistake – read our blog to see if this would benefit you.
Potential benefits of putting a property into joint names prior to sale Where a property qualifies in full for private residence relief, it is perhaps
“Just because a gift is provided each year, or is provided to all staff members, does not mean that the employee has a contractual entitlement to it.”
Trivial benefit traps – Contractual obligations The trivial benefits exemption allows employers to provide employees with low cost benefits free of tax and National Insurance
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
Renting out a property at a rate below the commercial level might sound like a great idea – but it might cost you dearly if you try to seek tax relief for your expenses!
Properties not let at a commercial rent There may be a number of reasons why a property is occupied rent-free or let out at rent
This blog explains what qualifies for relief for finance costs, the limit on eligible borrowings, and how capital repayments work with a quick example.
Allowable finance costs Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the
In this blog we set out the three conditions property must meet to be considered a furnished holiday let and to access all the advantages they bring, and top tip – letting to family or friends at a reduced rate doesn’t count!
Many Airbnb lets are used as holiday accommodation. From a tax perspective, furnished holiday lettings enjoy some tax advantages over other lets. So, is it