The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by deducting input VAT from output VAT, you pay a fixed percentage of your VAT-inclusive turnover. The percentage depends on the nature of your business. Who Can Join? To be
VAT Flat Rate Scheme – Is It Worthwhile? Read More »
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the annual exempt amount is set at £12,300. Use
Using Your Annual Exempt Amount For 2021/22 Read More »
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able to start trading, a business may incur expenditure on items such as: acquiring premises; recruiting staff; buying stock; setting up website; IT costs; advertising and marketing; and travel and subsistence.
Tax Relief for Pre-trading Expenses Read More »
The tax implications and legal obligations of investing in buy to let properties rather than buying a residential home vary to a great extent. Renting a buy to let property is considered similar to running your small business. If you are a landlord earning rental income from buy-to-let properties, you need to know the latest
Buy to Let Tax: Changes and Reliefs in 2021 Read More »
If you own a restaurant, cafe or bar and deal with takeaway food on a daily basis, you need to know how to charge VAT on takeaway food. You can get a detailed guide on it on the HMRC website. However, if you don’t have enough time, consider this post a good alternative. In this
How to Charge VAT on Takeaway Food? Read More »
Multiple dwellings relief’ (MDR) allows a rate to be charged at the percentage payable on the ‘average value’ price (referred to as the ‘Average Value SDLT’ (AVSDLT)) should more than one property be purchased at one time, rather than on the total consideration. MDR is only available for residential transactions. The purpose of this relief
SDLT Multiple Dwellings Relief Read More »
Where a close company (or LLP) makes a loan (otherwise than in the ordinary course of a business) to an individual who is a participator or an associate of a participator, a tax charge of 32.5% is payable by the company should that loan remain outstanding nine months after the end of the accounting period.
Loans To Participators Read More »
For 2020/21 and later tax years, unincorporated property businesses are only able to obtain relief for interest and finance costs on residential lets as a basic rate tax reduction; it is no longer possible to deduct any of the interest or finance costs to arrive at the taxable profit. However, the permitted tax reduction is
Unrelieved Interest On Residential Lets Read More »
Rent-a-room relief aims to encourage those with spare rooms in their homes to let them out to increase the supply of furnished rental accommodation. Under the scheme, a person can earn up to £7,500 each tax year tax-free from letting out furnished accommodation in their own home. The limit is halved where the income is
Is Rent-A-Room Relief Always Worthwhile? Read More »
If you operate through a limited company, for example as a personal or family company, you will need to extract funds from your company in order to use them to meet your personal bills. There are various ways of doing this. However, a popular and tax-efficient strategy is to take a small salary which is
No retained profits – Can you extract cash to cover your living expenses? Read More »
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