Category Archives: Tax Advice

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, […]

Is Salary Sacrifice a good idea?

pensions, salary

You may have heard the term “salary sacrifice” on occasions and wondered what it is. Have you ever wondered if you should participate in the scheme either as an employee or an employer?  Basically, is salary sacrifice a good idea?   What is Salary Sacrifice? Salary sacrifice schemes are not a new thing and have […]

Capital Gains Tax Deferral Relief – Enterprise Investment Scheme (“EIS”) Investments

Are you thinking of selling an asset? Or have you recently sold or gifted an asset that gave rise to a Capital Gains Tax (CGT) liability? If so, there is an often underutilised relief that could improve your cash position; Capital Gains Tax Deferral Relief.   If you pay income tax at the higher or […]

End of year Tax Planning

Why will be it be necessary to do some tax planning moving forward. You may have seen in the press last week, there is not going be a “U” turn with the introduction of the new health social care levy. The UK government borrowed another £16.8 billion in December 2021 and the Covid 19 pandemic […]

What are the best benefits to offer employees

employee benefits, benefit in kind, employees

For a few months now, we have known there is an acute shortage of talented people in the general workforce in the United Kingdom. Some industries such as hospitality are having more of an acute shortage due to other factors such as Brexit, but staff shortage is spreading across all industries and in all parts […]

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 […]

Research & Development (R&D) – Tax Breaks

The government has committed to investing £22 billion in R&D by 2025 and this was again confirmed in the 2021 budget. The UK is recognised as a world leader when it comes to research and innovations