29/Jan/2019What is taxable when you sell a commercial vehicle or other equipment?
When you purchase a van or other equipment that qualifies for tax relief, the cost of the asset is reduced – for tax purposes – by the amount of any capital allowance you
28/Jan/2019Expenses that landlords can deduct
Landlords must pay tax on any profit from their property rental business (although income from property of less than £1,000 a year can be ignored). In working out the profits, […]
28/Jan/2019Give to charity to reduce your inheritance tax bill
Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate. Charitable gifts can work to reduce the IHT payable […]
27/Jan/2019Working from home – claim tax relief for your expenses
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax relief for the costs that […]
27/Jan/2019Overdrawn director’s loan accounts
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow […]
25/Jan/2019The importance of keeping good business records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless […]
23/Jan/2019HMRC publishes more strange excuses
A recent press release by HMRC revealed some of the oddest excuses for submitting a late tax return. The excuses ranged from the sublime to the ridiculous and included:
My
23/Jan/2019Avoid car-fuel benefit charge for 2018-19
The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any
23/Jan/2019On your bike – Cycle to Work schemes
There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use
23/Jan/2019Lifetime transfers where estate of another individual is increased
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts
23/Jan/2019Changes to lettings relief and other exemptions April 2020
Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a
23/Jan/2019CGT relief for two dwellings for the same period
As a general rule, there is no Capital Gains Tax (CGT) on a property which has been used wholly as a main family residence. This relief from CGT is commonly known as Private
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