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
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
From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – read more here.
Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving
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
If you’ve received a tax calculation or simple assessment from HMRC, don’t assume that it’s correct – HMRC can and do make mistakes.
Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check
VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply
Using a SIPP to save for retirement A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP
Closing a business can be a difficult time. Be tax efficient with this beneficial liquidation strategy.
Closing a business – when a member’s voluntary liquidation is beneficial Although it is possible to strike off a company and for distributions made prior
Today’s blog explains how Britain’s most hated tax – inheritance tax – works for married couples and civil partners.
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs
Avoiding common errors when computing business profits HMRC produce a range of Toolkits for agents, which highlight errors commonly made in returns so that agents
Make sure to share this article with anyone you know who runs a family business – so they can take advantage of the many ways to lower their tax bill!
Optimising tax-free benefits in family companies Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without
Timing dividends right could help save tax Timing the date of a dividend payment from a company can determine both the amount and the due
A quick summary of the new tax bands for CO2 car emissions which will be introduced from April next year:
Are low emissions cars tax efficient? Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs).
Using the property rental toolkit to avoid common errors in returns HMRC’s property rental toolkit highlights errors commonly found in tax returns in relation to
Tax-free mobile phone Mobile phones are ubiquitous – they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided
Dividend complexities The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018.
For grandparents wanting to help out their children or grandchildren, habitual gifts can be made free of inheritance tax. Read more on our blog post.
Give from income to save inheritance tax Within a family scenario, there are many situations in which one family member may make a gift to