Category Archives: Tax Tips

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. […]

Capital or Revenue Expenditure

Knowing whether business expenditure is capital or revenue is essential to the preparation of correct accounts and tax returns, but it is sometimes difficult to decide what is the right treatment. HM Revenue and Customs (HMRC) has recently updated its guidance on the most common errors. First the basics: revenue expenditure is deductible in computing […]

The Ups and Downs of Tax

We are now in the new tax year 2022-2023 which started on 6th April 2022.  Did you know the chosen year end of 5th April was first introduced in 1752? Back then the new tax year started on 25th March and ended after full 365 days which would be on 4th April. But in 1800 […]

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, […]

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 […]

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 […]

Christmas gifting and parties – What are the tax implications?

Entertainment Expenses – what is tax deductible? It is common at this time of the year to see a lot more gifting and partying.  It is after all the festive season. The costs of parties and gifts can be a tax allowable expense and any VAT can be claimed back if it relates to employees. […]

The new penalty regime from HM Revenue & Customs

The new penalty regime from HM Revenue & Customs (HMRC) The UK tax system is moving towards a more digital system with the introduction of Making Tax Digital (MTD) and as part of it HMRC are introducing new penalty measures.  If you are not familiar with MTD then please visit our previous blogs What is […]

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 […]