10/Oct/2022Five tax-efficient ways to extract profits
If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When […]
28/Sep/2022Is a property company a tax-efficient option?
Tax changes in recent years to the way that unincorporated landlords are treated for tax purposes, particular in respect to relief for interest, have resulted in an increase in the […]
26/Sep/2022Team Truss cut Taxes to Stimulate The Economy
On 23 September 2022, Kwasi Kwarteng, the new Chancellor (the fifth in as many years) delivered a Tax Cutting “Fiscal Event” or Mini-Budget to help boost economic growth. This was […]
16/Sep/2022Help if you are struggling to meet your tax bills
Inflation is at a ten-year high and the ensuing cost of living crisis means that many people may be struggling to pay the tax that they owe. If this is […]
10/Sep/2022Transferring 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 to transfer assets between them […]
07/Sep/2022Paying PAYE by recurring direct debit
Employers must act as a tax collector for HMRC, deducting tax, National Insurance and, if applicable, student loan deductions, from their employees’ pay and pay these over to HMRC with […]
02/Sep/2022Are you trading?
It will not always be apparent when a hobby tips over into a trade and the point at which you need to declare your income to HMRC. There is no […]
10/Aug/2022Managed 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 […]
03/Aug/2022Use 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 […]
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 […]
25/Jul/2022Using 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 […]
22/Jul/2022Different 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 […]
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