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 […]
19/Jul/2022What 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 […]
15/Jul/2022Pros 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, […]
12/Jul/2022Tax-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 […]
11/Jul/2022Is 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 […]
07/Jul/2022National 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 […]
05/Jul/2022Loans 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 […]
29/Jun/2022Tax 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 […]
28/Jun/2022Tax Breaks for EIS Company Investors
Investors who are not connected with the company may claim income tax relief of 30% of the amount that they invest in qualifying EIS companies up to £1 million each […]
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