Providing a business is being undertaken on a commercial basis with a view to making a profit, it is generally possible to claim relief for trading losses.
Employees often incur expenses in doing their job – this may be the cost of a train ticket or petrol to visit a supplier, or purchasing stationery or small tools which are used in their job.
Capital gains tax private residence relief is available where a property is occupied as the taxpayer’s only or main residence.
The UK tax system contains a number of allowances which enable individuals to enjoy income and gains tax free. In seeking to maximise your tax-free income, it makes sense to take advantage of available allowances. The following are a selection of some of the allowances on offer.
There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names.
Premium Bonds (PBs) are an investment product issued and maintained by National Savings and Investments (NS&I), which in turn, is backed by HM Treasury. With a return rate comparable with regular savings accounts (currently 1.40%), it is not difficult to see why PBs remain one of Britain’s favourite ways to save – around 21 million […]
HMRC has this week sent out letters to people it believes have been paid or rewarded through disguised remuneration tax avoidance schemes.
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. Here we look at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors.
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20.
People are often confused about whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs), here we take a look at HMRC’s application of the relevant legislation.