Whether you’re putting aside some money for an emergency, purchase of a house/property or saving for your retirement, you need to pay tax on the amount of interest you earn from your savings. Although interest is taxable in the UK, but there are different allowances available to benefit from. However, there are also some pitfalls
An Awesome Guide on How To Pay Tax on Savings Interest? Read More »
Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government Tax-free Top-up Scheme Under the Government scheme, you can open an online account and deposit money which is used to pay for your childcare.
Tax-free Help with Childcare Costs Read More »
The annual investment allowance (AIA) allows you to claim an immediate deduction against your profits for qualifying capital expenditure up to the available limit. The AIA limit was temporarily increased from £200,000 to £1 million from 1 January 2019 to 31 December 2021. It will return to its permanent level of £200,000 from 1 January
End of the AIA Transitional Limit – Beware of the Traps Read More »
Last year apart, the number of tax enquiries is on the increase; the reason is not that more taxpayers are seeking to defraud the tax system but because advances in digital technology and data exploitation are enabling more efficiently targeted enquiries. For example, although HMRC undertook fewer stamp duty land tax investigations last year, the
Avoiding an Investigation: How does Risk Assessment Work -What do HMRC Look for? Read More »
The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of the following conditions apply: it will not be the only residential property worth £40,000 or more owned (or part owned) by the purchaser anywhere in the world the previous main
Stamp Duty Land Tax Refunds Read More »
When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the form of cash then any distributions would typically be as dividends (or possibly additional contributions to a pension scheme). A dividend will be the route to take should the amounts
Distributions on Cessation of a Company Read More »
The basics of accounting are essential to understand for business owners to run a business successfully. So, a business owner must focus on the three financial statements: balance sheets, profit and loss statement (P&L), and cash flow statements. In this blog, we will inform you about the P&L statement and how to prepare it.
Profit And Loss Statement – Step-by-Step Guide To Prepare It! Read More »
In a furnished let, wear and tear of domestic items is inevitable and there will come a time when the landlord will need to provide replacements. From a tax perspective, special rules apply to provide relief for the cost of replacement domestic items. The rules only apply to residential lets, not to furnished holiday lettings.
Relief for Replacement of Domestic Items Read More »
For many the lure of a renovation project is strong and for those looking to generate rental income, doing up a dilapidated property to let out may make commercial sense. When buying an investment property, the addition of the 3% SDLT supplement means that the SDLT hit may be significant. However, as this only applies
SDLT and Uninhabitable Properties Read More »
For tax purposes, furnished holiday lettings are something of a special case and benefit from a number of advantages not available to standard residential lets. One of these advantages is in relation to the treatment of interest and finance costs. Residential Landlord – Restriction of Relief Residential landlords can now only obtain relief for
Furnished Holiday Lettings and Interest Costs Read More »
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