When a loan is taken out with a bank the repayment terms are usually confirmed in a formal loan arrangement. However, if you are a director of your own company and you withdraw monies that are not salary or dividends, then those payments are normally considered a loan even where no formal loan arrangement exists.
When is a Loan Not a Loan? Read More »
In a climate of rising interest rates and rising inflation, every penny is likely to count. For working parents, help with their childcare costs is welcome. The tax-free childcare system can provide up to £2,000 a year tax-free. Tax-Free Childcare The Government’s tax-free childcare scheme allows working parents to open an online childcare account
Can You Benefit from Tax-Free Childcare? Read More »
In a partnership, profits and losses are shared between the partners in accordance with the profit sharing ratio. This may be fixed, for example, three partners may agree to share profits in the ratio of 40:35:2; but it does not have to be. Instead, the partners can simply agree to share profits and losses in
The Advantages of a Flexible Profit Sharing Ratio Read More »
If you need to file a self-assessment tax return for 2021/22, you must do this online by 31 January 2023 if you want to avoid a late filing penalty. However, if you received your notice to file a tax return after 31 October 2022, a later deadline applies; you must file the return within three
File Your Tax Return By 30 December to Pay Tax Through PAYE Read More »
The Annual Investment Allowance will now remain at £1 million permanently rather than reverting to £200,000 from 1 April 2023. This change of plan may mean that businesses will want to consider their capital expenditure plans. However, companies wishing to take advantage of the time-limited super-deduction and 50% first-year allowance will need to ensure that
Capital Expenditure Planning in Light of Permanent Increase to AIA Limit Read More »
To help businesses that suffered losses during the Covid-19 pandemic, temporary measures were introduced to increase the period for which certain losses could be carried back. This is helpful as it enables businesses to obtain relief for those losses earlier, generating a useful tax repayment at times when the business may be suffering from cash
Extended Carry Back of Losses – Don’t Miss the Claim Deadlines Read More »
If you receive rental income from properties that you let out, you will need to tell HMRC about it on the property pages of your self-assessment tax return. The exception to this is where you let a furnished room or rooms in your home and the income that you receive is below the rent-a-room limit
Completing the Property Pages of the Self-Assessment Tax Return Read More »
Generally, when a person sells a home that they have lived in as their main residence, they will not have to pay tax on any gain that has arisen since they purchased the property. This is because of the capital gains main residence exemption which takes the resulting gain outside the capital gains tax charge.
Main Residence Exemption – When Does it Apply? Read More »
In a climate of interest rate hikes and rising mortgage rates, property investors will want to ensure that they do not miss out on tax relief where it is available. The rules that provide relief for interest and finance costs depend on the type of let, and the rules on traditional residential lettings are now
Rising Mortgage Costs – What Tax Relief is Available? Read More »
The VAT tax rules are clear – input tax cannot be claimed on the purchase of a new or used car that is made available for any private use. However, input tax can usually be claimed on cars used as a tool of a trade such as by a driving school, taxi firm or private
Reclaiming VAT on a Car – Notoriously Difficult To Claim. Read More »
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