Move back into a former home prior to sale to maximise PRR
Where a property has at some point been used as a main residence, certain periods of absence are, in some cases, treated as periods of …
Property Ownership: What Matters and Why
Under English property law, property ownership can be held jointly as joint tenants or tenants in common. The method of ownership can affect tax implications …
Selling House vs. Garden: Why Order Matters
Selling a residence and part of the garden or land separately may be desirable in certain circumstances. Where this is on the cards, it is …
Making Tax Digital – latest update
Nearly ten years ago in March 2015 the then-Chancellor George Osborne announced a government initiative setting out a vision for the ‘end of the tax …
Can you have too much cash?
While having more money in your bank account than is needed may seem ideal, for director shareholders of a company with surplus cash, it could …
VAT – the partial exemption ‘trap’
If a VAT-registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its expenses, subject to the …
VAT invoice and accounting controls
VAT-registered businesses that use invoice accounting generally account for VAT when invoices are issued and received. HMRC have recently published new Guidelines for Compliance which …
Missing years for home responsibilities protection?
Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016, …
File tax return by 30 Dec to pay via PAYE
If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a …
Setting up as a sole trader
When starting a business, there are a number of ways in which this can be done. Options include operating as a sole trader, forming a …
Overdrawn Director’s Loan – Must Your Company Pay Tax?
In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the …
Autumn Budget 2024 Highlights
As the days get shorter and the chill sets in, the Autumn Budget for 2024 has arrived! This year’s budget brings a variety of significant …
