Finance and Accounting
VAT bad debt relief
If you are a VAT-registered business you must charge VAT when you make taxable supplies. You must also pay over the difference between VAT you
November 21, 2022
Finance & Accounting
Cycle to work tax-free
As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to
October 28, 2022
Finance and Accounting
Collection of tax debts post Covid-19
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering
August 18, 2021
Finance and Accounting
RTI penalties and period of grace
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is
August 16, 2021
Finance and Accounting
New furnished holiday lets – Applying the test
All business must start at some point, and a furnished holiday lettings (FHLs) business is no exception. Unlike other rental properties, furnished holiday lettings enjoy
August 12, 2021
Finance and Accounting
Property Investment – What SIC Code Should I Use For My Property Company?
A SIC code stands for Standard Industrial Classification code and classifies your business activity at Companies House. SIC code for a company can be changed
August 11, 2021
Finance and Accounting
Working out the capital gain on the sale of an investment property
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay
August 9, 2021
Finance and Accounting
Gifting property to the children
No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell
August 6, 2021
Finance and Accounting
Using ‘bounce bank loan’ to pay dividends – Is that what it was for?
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum
August 5, 2021
Finance and Accounting
What is meant by taking ‘reasonable care’?
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be
August 3, 2021
Finance and Accounting
When might HMRC demand a VAT security deposit?
The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on
August 2, 2021
Finance and Accounting
Relief for losses in the early years of a trade
Personal allowances may be lost It should be noted that the loss carried back cannot beIt is not uncommon to realize a loss in the early
July 30, 2021
July 30, 2021
Finance and Accounting
Tax relief on loans to close companies
Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders
July 29, 2021
Finance and Accounting
Termination payments and Class 1A National Insurance
As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are
July 28, 2021
Finance and Accounting
Claim tax relief for additional costs of working from home
During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often
July 27, 2021
Finance and Accounting
Take dividends while you can
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed
July 26, 2021
Finance and Accounting
Unrelieved interest on residential lets
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a
July 23, 2021
Finance and Accounting
Is rent-a-room relief always worthwhile?
Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under
July 23, 2021
Finance and Accounting
New lower SDLT residential threshold
Back in July 2020, the residential stamp duty land tax threshold in England and Northern Ireland was increased to £500,000 to help stimulate the property
July 23, 2021