Voluntary tax disclosure to HMRC
There are various reasons why a person may not have told HMRC about the tax that they owe, ranging from a simple oversight to the …
Utilising loss from property rental business
Where a landlord makes a loss on their property rental business, the options for using that loss are limited. The rules depend on whether the …
End of the FHL regime and transitional rules
Landlords with furnished holiday lettings (FHLs) currently enjoy favourable tax advantages compared to those letting residential property on longer-term lets. However, these advantages are to …
Treating tenants’ deposits correctly for tax purposes
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than …
Are professional fees tax deductible?
As ever, the answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible …
Company makes loss – can dividend be paid? Â
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives of the company, will use the money to increase …
Be aware of VAT bad debt relief
Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on …
New residence-based regime for foreign income and gains
The remittance basis of tax is an optional tax treatment that allows individuals who are resident but not domiciled in the UK to pay tax …
Claiming refunds of overpaid PAYE
If it works correctly, the tax that is collected under PAYE will exactly match the tax that is due for the year. However, in practice, …
Workplace nursery partnership schemes
No tax charge arises in respect of the provision of a nursery place for an employee’s child at a workplace nursery provided that the associated …
VAT on school fees
As outlined before the election, the new Government are to go ahead with their proposal to impose VAT on school fees. Legislation was published in …
Accountancy Services for Small Businesses
Running a small business is a rewarding journey, but it comes with its fair share of challenges—especially when it comes to managing finances. Accountancy services …
