Category Archives: Personal Tax

How do you understand your PAYE code?

Everyone who is on a payroll or receives a private pension will have a tax code from HM Revenue & Customs (HMRC).  This code also referred to as PAYE code tells your employer or pension provider what tax to deduct. But how do you understand your PAYE code? Do you fully understand what is and […]

What expenses can you claim against your rental income?

repairs for rental property

If you have any business, you want to make sure that you maximise your tax position. The same applies to when you are a landlord, so what expenses can you claim against your rental income? We refer to these as allowable expenses so in other words your business costs that can be deducted from profits. […]

Letting out your property as a holiday let?

The pandemic is said to bring a few behavioural changes.  Working from home including “blended working” is one such example and letting out your property as a holiday let may be another one. During the later part of 2021 many councils in the tourist areas of the country were experiencing significant rises is housing waiting […]

Is it a repair or improvement ?

The most common question we deal with when preparing accounts for landlords is “is it a repair or improvement”?   It can often be difficult to distinguish between repairs and improvements. However, it’s extremely important to report them correctly for tax purposes. Repairs are often referred to as revenue expenditure and improvements as capital expenditure. […]

Divorce and Tax

Whilst tax is unlikely to be at the top of your list of important issues if you decide to separate, the potential benefits which could arise from prudent tax planning can ensure that both parties do not have unexpected and unwanted tax charges. This is particularly relevant for Capital Gains Tax (“CGT”), which, in reality, […]

What is the best use of your time in January?

January, best use of time in the New Year

We wish you a happy new year and let’s hope 2022 is more stable and that by the end of the year we can return to some kind of “normality”. What is the best use of your time in January? We encourage all clients to consider taking time to prepare a 2022 Strategic plan. “A […]

Why you should file your Tax Return before the deadline

cloud software, digital accounting

Every year, as certain as Christmas, we have the self-assessment tax filing deadline. This deadline is always on 31st January.  And every year just like getting organised with your presents and Christmas cards in time for the big day, we also need to get organised with gathering the information, preparing the tax return, and submitting […]

Buying Electric Car

buying electric car

I’m thinking about buying an electric car. What financial incentives are available to me? The company car is getting its moment again as an exciting tax perk. In a climate conscious age, where Tesla has become a household name, business owners are being encouraged to take to the road in an electric company car.  Choosing […]

When do I need to report for Capital Gains?

Do you ever get the impression that in the effort to simplify processes, the government complicates it even more?  One recent example is the “simplification” of the Capital Gains Tax (CGT) regime when it comes to reporting. Whilst trying to simplify the process and removing the need to register for the Self-Assessment tax regime, more […]