Tag: Managed lets – is VAT due on recharged expenses

Managed lets – is VAT due on recharged expenses 10/Aug/2022
Managed lets – is VAT due on recharged expenses

If you use an agent to manage a let property, they may incur expenses, such as repairs and cleaning costs, on your behalf and recharge these to you. Where this […]

Use the property allowance to make tax-free income from renting your drive 03/Aug/2022
Use the property allowance to make tax-free income from renting your drive

The summer is a popular time for events and event parking is often limited. If you have a drive or field that you do not use, you could consider renting […]

'Roll over ' relief - what happens if an asset not brought into business immediately 28/Jul/2022
‘Roll over ‘ relief – what happens if an asset not brought into business immediately

There is usually a capital gains tax (CGT) charge when a chargeable asset is sold at a gain (subject to the individual personal allowance for an individual). However deferment of […]

Using the capital gains tax land and buildings toolkit 25/Jul/2022
Using the capital gains tax land and buildings toolkit

HMRC produce a number of toolkits which highlight common errors found in self-assessment tax returns. As the name suggests, the capital gains tax land and buildings toolkit highlights key errors […]

Different lets, different tax rules 22/Jul/2022
Different lets, different tax rules

From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional buy-to-lets. Buy-to-let Under a traditional […]

What qualifies for private residence relief? 19/Jul/2022
What qualifies for private residence relief?

Private residence relief is a well-known relief but one which is often misunderstood. It applies to remove the liability to capital gains tax that would otherwise apply where a homeowner […]

Pros and cons of the VAT flat rate scheme 15/Jul/2022
Pros and cons of the VAT flat rate scheme

The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to pay over to HMRC. However, […]

Tax-free savings income 12/Jul/2022
Tax-free savings income

There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the […]

Is paying mileage allowances at the approved rate still a good idea? 11/Jul/2022
Is paying mileage allowances at the approved rate still a good idea?

Where an employee uses their own vehicle for business journeys, their employer can  cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed […]

National Insurance changes for the self-employed 07/Jul/2022
National Insurance changes for the self-employed

If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are flat rate contributions of £3.15 […]

Loans to directors – beware of the higher section 455 charge 05/Jul/2022
Loans to directors – beware of the higher section 455 charge

Directors and shareholders in close companies are often able to influence the payments that are made to them. Broadly, a close company is one that is controlled by five or […]

Tax relief for the expenses of running a property business 29/Jun/2022
Tax relief for the expenses of running a property business

In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for the expenses […]

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