15/Feb/2022Capital gains tax annual exempt amount – use it or lose it
The tax systems contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt amount that applies for capital […]
14/Feb/2022Paying back a director’s loan – beware of the anti-avoidance rules
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between […]
10/Feb/2022High value residential property let by a company – does the ATED apply?
The Annual Tax on Enveloped Dwellings (ATED) is a tax on high-value residential properties that are held within ‘an envelope’, such as company or a partnership with at least one […]
08/Feb/2022Giving away the family home – beware the gifts with reservation rules
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and give your home away before […]
04/Feb/202260-day window to report residential property gains
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC about the gain and make […]
27/Jan/2022Undertaking work on a rental property while empty – can you deduct the costs?
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of a holiday let, between guests. […]
22/Jan/2022Using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain […]
20/Jan/2022Tax relief for pre-trading expenses
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business […]
18/Jan/2022Tell HMRC that your company is dormant
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve you of the need to […]
13/Jan/2022VAT flat rate scheme – is it worthwhile?
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output […]
12/Jan/2022Electric company cars – are they still tax-efficient?
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax rules which tax high emission […]
10/Jan/2022Relief for rental losses
While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a loss. Where this is the […]
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