For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some expenses prior to that date in getting the property ready to let and in finding a tenant and agreeing the let. Once the letting has commenced, expenses incurred in relation […]
If an employee uses a work’s van for private use, which usually means home-to-work travel, there’s a taxable benefit and a subsequent tax charge.
Businesses who employ a family member to help out are able to claim a tax deduction for the cost of a reasonable wage. This applies where their duties include, by way of example, answering the phone, going to the bank, bookkeeping and other administrative tasks.
Individuals who received loans from tax avoidance schemes that haven’t reached settlement with HMRC (or aren’t in the process of doing so), are likely to have to pay the April 2019 loan charge.
Where property is jointly-owned, the way in which the rental income can be split between the joint owners for tax purposes depends on whether the joint owners are married or in a civil partnership or not.
As an employer do you ever provide your employees with a taxi either to or from work? Possibly for special occasions or related to late night working? Did you know doing so they could trigger a tax liability?
VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of their first VAT accounting period beginning on or after 1 April 2019.
Businesses which are not using the cash basis can claim capital allowances for capital items such as plant and machinery, tools and equipment.
HMRC enquiries into a business can cause considerable upheaval. Here we look at how you might be able to minimise any disruption. After all an HMRC enquiry doesn’t always mean that something is wrong, it could be the result of a random selection.
Under the self-assessment system, a taxpayer is required to make payments on account to HMRC – advance payments towards the eventual tax and National Insurance liability for the given year.