Mileage allowances – What can you pay tax-free?
Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The
May 15, 2023
Pension changes
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the
May 12, 2023
Rebuild your pension pot with rental income
A self-invested personal pension (SIPP) can be an attractive option for saving for retirement and is one that is popular with company directors. Under a
May 9, 2023
Make use of simplified expenses
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also
May 6, 2023
Releasing equity from a buy-to-let: Watchpoints
Landlords who have benefited from rising property prices in recent years may wish to consider releasing equity now in case prices drop. This may be
May 3, 2023
Finance & Accounting
Beat the reduction in the additional rate tax threshold
For a brief period it seemed that the days were numbered for the additional rate of tax following the announcement in the ill-fated mini Budget
February 25, 2023
Finance & Accounting
The dangers of letting friends use the holiday let
Furnished holiday lettings have tax benefits that are not available to landlords of residential lets. However, to qualify as a holiday let, certain conditions must
February 17, 2023
Finance & Accounting
Dividend Planning
The Chancellor’s recent mini-Budget and subsequent U – turns threw a number of spanners into the works as far as profit extraction strategies are concerned.
November 15, 2022
Finance & Accounting>Capital Gains Tax
Transferring assets between spouses
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners
September 21, 2022
Finance & Accounting>Finance & Accounting
Difference between tax planning and tax avoidance
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
March 23, 2022
Finance & Accounting>Finance & Accounting
Understanding how dividends are taxed
Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether
October 6, 2021
Finance & Accounting>Finance & Accounting
Special capital gains tax rule for transfers of assets between spouses
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule
September 27, 2021
Finance & Accounting>Finance & Accounting
Disposing of an asset on which capital allowances have been claimed
Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception
September 15, 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
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
March 31, 2020
Landlords – you must file your self-assessment tax return by 31 January 2020 to avoid a late filing penalty. Here’s what you need to know:
The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a
December 7, 2019
Be careful when borrowing money from your company as a director – you might fall foul of the ‘bed and breakfasting’ scenario
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money from the
November 15, 2019
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
November 8, 2019
If you’ve read anything about property and tax, you’ll probably have heard the terms ‘nominating your main residence’ and ‘flipping’. This blog takes you exactly what these terms mean and how and when they apply.
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or
October 2, 2019
Wondering whether to use dividends or a salary? Read this blog to find out why dividends are more cost-effective.
Director’s salary or bonus? Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits
September 28, 2019