Limited Time Penalty Waivers For 2020/21 Tax Returns
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers
Accounting, Tax & Business Blogs
Explore expert accounting, tax, bookkeeping, and business advice from across the UK. Get practical tips, financial insights, and the latest updates to help you manage your finances and grow your business.
Should You Pay a Dividend Before 6 April 2022?
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your
Capital Gains Tax Annual Exempt Amount – Use It or Lose It
The tax system contains a number of allowances that enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
Paying Back a Director’s Loan – Beware of the Anti-Avoidance Rules
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording
How HMRC Deals with Tax Debts
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their
Dividend ‘Traps’
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
Holiday Lets – Tax Implications
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
Relief for Rental Losses
While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a
Self Employed or Limited Company: What’s the Difference?
One of the important business decisions you need to make before you kick start a business venture is choosing a business structure: will you work
Identifying a UK Property Rental Business
Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
Undertaking Work on a Rental Property while Empty – Can you Deduct the Costs?
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
Electric Company Cars – Are They Still Tax-Efficient?
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax
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