When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for these? Relief is available for unincorporated businesses for income tax purposes and also for companies for corporation tax purposes. Typically, you may need to incur
Relief For Pre-Trading Expenses Read More »
Although the National Insurance rates and thresholds for 2022/23 had already been set, at the time of the Spring Statement in March 2022, the Chancellor announced increases in the primary threshold which would align the starting point for National Insurance with the personal allowance from 6 July 2022. However, as the increase does not take
National Insurance Changes from July 2022 Read More »
To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-back rules, the claim can be made online rather than waiting until the company tax return is filed.
Companies – Claim Extended Loss Relief Online Read More »
A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if the deduction is considerably higher using actual costs, the additional time investment may be worthwhile. Given current high cost of fuel, where mileage is high, a deduction based on actual
Use Simplified Expenses to Save Work Read More »
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only available for expenses that you must incur, rather than those that you choose to incur, and the expenses must be incurred wholly, necessarily and exclusively in
How To Claim Tax Relief for Employment Expenses Read More »
Private residence relief prevents a tax charge from arising if there is a capital gain when a person sells a property that has been their only or main home throughout the period that they have owned it. Where the property has been the only or main home for some but not all of the period
What Counts as A Garden for Private Residence Relief? Read More »
You might get confused between S Corporation and C Corporation due to the nuance differences and considerable similarities between them. So, if you are going to set up your business, you might come across two options S Corp vs C Corp. The HM Revenue & Custom (HMRC) taxes every business using its two tax structures.
Compare S Corporation vs. C Corporation: Similarities and Differences Read More »
When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on whether the expenditure is capital or revenue, and for capital expenditure on whether the accounts are prepared on the cash basis or the accruals basis. When doing up a property, it is important
Splitting Capital and Revenue Expenditure Read More »
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the relationship between the owners. Joint Owners Are Not
Allocating Income for Tax When Property is Jointly Owned Read More »
Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is to reduce the amount of plastic packaging that does not contain at least 30% recycled plastic. Liability The tax applies to packaging that it predominantly plastic by weight and
Plastic Packaging Tax – Who Is Liable? Read More »
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