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taxation

Tax Relief for The Expenses of Running a Property Business

Tax Relief for The Expenses of Running a Property Business

In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for the expenses of running a property business.   Allowable Expenses The general rule is that a landlord can deduct revenue expenses which are incurred wholly and exclusively …

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Pheonix Companies

‘Pheonix Companies’ – Distribution Treated as Income Rather Than a Capital Gain in Certain Conditions

In a private limited company, it is usual for a director to also be a shareholder. Payments made to shareholders are deemed to be income distributions and taxed accordingly. However, payments made to shareholders where the company is being liquidated can be taxed as capital distributions under the Capital Gains Tax (CGT) rules being a …

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CGT or IHT

CGT or IHT

Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may be able to exercise a degree of choice whether they take a capital gains tax hit or their beneficiaries pay inheritance tax. However, there is something of a gamble here – while capital gains tax …

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Plan Capital Expenditure to Benefit from Time-Limited Reliefs

Plan Capital Expenditure to Benefit from Time-Limited Reliefs

Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can be financially beneficial.   Annual Investment Allowance The annual investment allowance (AIA) is available to both unincorporated business and to companies. It provides immediate 100% relief against profits for qualifying …

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