With the tax season in full swing, this is the time of year we typically experience a surge in enquiries relating to rental income. Understanding relief for rental losses is useful. While the intention is to make a profit from…
Undertaking work on a rental property while empty – can you deduct the costs? Undertaking work on a rental property while empty – can you deduct the costs? Knowing when costs can be deducted for tax purposes can be complex.…
A new year signals an influx of goal setting and for some that could mean pursuing their dream of setting up their own business. For someone looking to start their own business, it is useful to know about the tax…
The January self-assessment payment deadline is not well timed, falling as it does in a month when people may already be struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not…
More and more frequently our clients are contacting us with queries associated with their pensions. Do I need to top up my pension and how much is it worth are common ones. In this article we answer some commonly asked…
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, to make up for lost time many employers have a date in the diary already. In this article we look…
Reporting income from property on your self-assessment tax return is important. With the deadline soon approaching for filing your 2020/21 self-assessment tax return online (31 January 2021), if you haven’t already, you need to begin collating your records. As part…
Bed and Breakfasting Rules are not what you think. Throughout an accounting period a director can withdraw monies from the company against the Director’s Loan account (DLA), the withdrawals usually being satisfied by the taking of a salary and/or bonus…
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. There are different ways of deferring CGT by selling or gifting a business asset which we will look at in more detail.…
Autumn Budget 2021 Highlights. “Growth up, jobs up, and debt down: Let there be no doubt – our plan is working.” These were the opening remarks from Chancellor, Rishi Sunak, during his Autumn Budget announcement earlier today. He began with…