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What are Depreciation and Capital Allowances?
Depreciation: Is an accounting term for spreading the value of a fixed asset (vehicle or equipment etc.) over its useful life. Spreading the cost is fairer and more accurate than deducting it all from the Business’s Profit in the year of purchase. i.e. Depreciation...
Tax advantages of a Limited Company
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 8.75% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
What is a House in Multiple Occupancy (HMO)?
HMRC’s definition is “a property rented out by at least 3 people who are not from 1 ‘household’ (for example a family) but share facilities like the bathroom and kitchen”. It is sometimes called a ‘house share’. Common examples of HMOs are student accommodation and...
What to consider when buying a commercial property.
Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0% up to £150,000; 2% on the next £100,000; 5% over £250,000. VAT Stamp duty There are 3 rates of Stamp Duty Land Tax on the purchase price of a commercial property: 0%...
What expenses can I claim against my rental property?
This is a list of tax deductible expenses that you can claim against your rental property income. Mortgage interest is claimable in full but there are special rules regarding tax relief Management charges/commission to letting agencies Property repairs – but not...
What are the R&D tax credit rules for SMEs?
From 1st April 2021, the maximum amount of payable R&D tax credit which an SME (a Small or Medium Enterprise – which is defined as no more than 500 employees and either turnover of no more than €100m, or balance sheet total of no more than €86m) can claim is...
The five ways to get an Outside of IR35 verdict in the CEST tool
The ‘IR35 in the Private Sector’ legislation - that took effect from 6th April 2021 is still the law. Consequently, for hirers of a certain size (generally turnover over about £10m), the end-client is still supposed to consider the IR35 status of a contractor –...
Should I set up a pension through the Company I own with my spouse, or pay it from my own income?
Firstly, you should consult a Financial Advisor when deciding to set up a pension scheme. Currently, if the Company pays for the contributions, you and your spouse will effectively share the tax relief. However, if you make the contributions from your own income...
The implications of tax rises for small businesses – particularly companies
As it stands, we already know that, thanks to Rishi Sunak, Corporation Tax is increasing on businesses with profits above £50,000 from April 2023. The first £50,000 will still be taxed at the existing CT rate of 19%, but then the next £200,000 will be taxed at 26.5%,...
What to do if you have gone over the VAT threshold?
You should talk to an accountant urgently! If at any point during a 12 month period, (good to review this monthly) your turnover exceeds the VAT threshold of £85,000, you must register within 30 days from the end of the month in which you went over the limit. If the...
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