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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
How do I use allowances and losses against capital gains tax?
There is an order for deciding how to set off the Annual Exempt Amount (for Capital Gains) and Capital Losses against Capital Gains The Annual Exempt Amount (2021/22 £12,300) is set against any Capital Gains in the year BEFORE any Capital Losses are brought forward....
What are the advantages of paying voluntary National Insurance contributions
Generally speaking, you get a bigger state pension for each year in which you pay National Insurance contributions. But sometimes, taxpayers don’t have enough income to be charged National Insurance - so risk having a smaller state pension. If you are self-employed,...
Should you buy a car via HP or lease a car?
Most importantly, it depends on the deal. So, get your calculator out! But do watch out for excessive mileage penalties in lease agreements. Tax treatment varies depending on the method used to acquire a car – but it is often not tax efficient for a Company to...
Car expenses: Sole Trader vs Limited Company
When you are a Limited Company or a Sole-Trader or Partnership, most expenses are very similar in terms of tax relief. But, there is one area where there are differences – car expenses. A Sole-Trader would generally claim...
Can paying dividends reduce your Company’s tax bill?
No it can’t. A Company pays Corporation Tax on its profits before dividends are paid out. Consequently, shareholders are treated as having already paid some tax on their dividends but they still have 7.5% dividend tax to pay (on dividends above £2,000) - and...
What are the capital gains tax rules on sale of residential properties?
If you are a UK resident and you are selling your residential property on or after 6th April 2020, any Capital Gains Tax due will have to be calculated and paid to HMRC within 30 days of the sale. For...
What is the Tenancy Deposit Scheme (TDS)?
This is a government-backed scheme that protects a tenant and the deposit they initially put down when entering into a new tenancy agreement. This amount is decided by the landlord and is typically in proportion to the monthly rent up to a maximum of 5 weeks’ rent (or...
HMRC Buy to Let Amnesty
If you rent out a residential property, HMRC will want to know the total amount received and the expenses you’ve paid for. It applies even if there were periods when the property was empty. So what to...
What is an LLP or Limited Liability Partnership?
An LLP or Limited Liability Partnership has some things in common with a Partnership but, like a Limited Company, it also has Limited Liability so partners cannot lose personal assets. LLP’s are easy to join and to leave –...
What expenses can be claimed against rental income?
Common expenses that can be claimed against rental income are: mortgage interest - even though there were new rules in April 2017; the management fees for the agent; maintenance of the building including...
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