20/Sep/2024Are professional fees tax deductible?
The answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible if incurred ‘wholly and exclusively’ for the […]
18/Sep/2024End of the FHL regime and transitional rules
Landlords with furnished holiday lettings (FHLs) currently enjoy favorable tax advantages compared to those letting residential property on longer-term lets. However, these advantages will end, and from 6 April 2025 […]
16/Sep/2024VAT on school fees
As outlined before the election, the new Government is to go ahead with its proposal to impose VAT on school fees. Legislation was published in draft on 29 July, together […]
11/Sep/2024The company makes a loss – can a dividend be paid?
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives, will use the money to increase the company’s profit. In return for taking this […]
09/Sep/2024Treating tenants’ deposits correctly for tax purposes
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than five weeks’ rent where the […]
03/Sep/2024Be aware of VAT bad debt relief
Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on time and allows bad debt […]
31/Aug/2024Class 2 NIC refunds made in error – Action to take
Class 2 National Insurance contributions are flat-rate contributions for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed the relevant trigger threshold. For 2023/24 and […]
28/Aug/2024Making student loan repayments through Self Assessment
There are three ways in which former students with student or post-graduate loans can make loan repayments: from deduction from their wages or salary through the PAYE system; to HMRC […]
22/Aug/2024Key Considerations for FHL Landlords: Lifetime Limit on BADR Claims
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the 2024 Spring Budget, it was announced that the favorable tax regime for FHLs would be abolished from […]
20/Aug/2024VAT flat rate scheme – Is it for you?
The VAT flat rate scheme is simple for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers and that incurred on business purchases to HMRC, […]
16/Aug/2024Tax implications of different methods of business finance
For many businesses, initial setup costs are low for just an internet connection, smartphone, and laptop. Invariably, funding for expansion or the purchase of specific items will come from the […]
14/Aug/2024Maximizing Tax Deductions for Property Business Expenses
Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, all allowable expenses must be deducted when calculating the profits for that business. […]
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