In the field of the rental business, whether an expense is tax deductible will very much depend on what it is. However, the ability to deduct expenses in a property business depends on the status of your rental business. So, what do we mean by the status of the business? Well, when it comes to […]
Category Archives: Personal Tax
01
Nov
Nov
A couple of years ago we were discussing if contracting was dead in the water. The introduction of IR35 reforms in April 2017 and April 2021 had raised questions. The issue of IR35 so to speak. These reforms transferred the responsibility of determining IR35 status from contractors to clients, causing a significant compliance burden. It […]
18
Oct
Oct
Have you ever wondered what the cycle to work scheme is? Do you have friends or family who are taking their bike all or part of the way to work and saving tax in the process? The cycle-to-work scheme is used by over a million employees across the UK. It saves them money and enables […]
04
Oct
Oct
As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses. Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose? Simply explained duality of purpose is […]
30
Aug
Aug
Does it matter if you don’t know exactly what is in your “Pay As You Earn” (PAYE) code? After all HM Revenue & Customs have all the information and they will issue the right code which your employer will apply. So why should you understand your PAYE code? It is common for taxpayers to be […]
09
Aug
Aug
Capital gains tax (CGT) is a complicated area of tax and one that a lot of people don’t come across often unless you are a regular investor. So, what is capital gains tax and how to pay less? When individuals or trusts sell or gift an asset, they typically pay taxes on any profit or […]
Corporation Tax, HM Revenue & Customs, Personal Tax, self employed, Tax Tips
HMRC plans to increase the number of tax investigations
02
Aug
Aug
Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]
Landlords, partnerships, Personal Tax, Tax Advice, Tax Tips
How can you incorporate your property business in a tax-efficient way?
22
Jun
Jun
Landlords are currently facing a challenging landscape, causing many to reconsider their decision to remain in the industry. If you plan to continue as a landlord, you may now be considering incorporating your property business. This could deliver some financial and tax advantages. But how can you incorporate your property business in a tax-efficient way? […]
HM Revenue & Customs, Personal Tax, Tax Tips
Managing Inheritance Tax – What if you can’t afford to pay the tax
19
Jun
Jun
In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]
14
Jun
Jun
The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]