Correcting errors in your VAT return
It is easy to make mistakes when completing your VAT return. However, where mistakes are made, it is important to correct them. This is fairly …
Tax implications of writing off a director’s loan
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains …
Take advantage of the property rental toolkit
HMRC publish a property rental toolkit which can be used to avoid making common errors when reporting income from property on the Self-Assessment tax return. …
Tax implications of failing to pay rent on a property held in a SIPP
Using a Self Invested Personal Pension (SIPP) to hold commercial property which can be rented to your personal or family company can be beneficial. Instead …
Relief for post-letting expenses
All good things come to an end, and a property rental business is no exception. However, expenses may be incurred in relation to that property …
Too much cash in the company?
Although many companies are facing difficult times, some have managed to accumulate a sizeable amount of cash in their business’s current account. Leaving this cash …
HMRC has methods of collecting outstanding taxes
Tax bills need to be paid on time; otherwise, interest and possibly penalties will accrue. HMRC is amenable to payment by instalments under the Time …
Can any expenses be claimed if you visit a client on business during holiday?
The hot weather often brings thoughts of holidays, but for those in business, work is always on the mind. So, what is the tax position …
Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
Dealing with a Simple Assessment letter
Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for the taxpayer to complete …
When do you need to register for VAT and how do you do it?
If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited …
Making a loan from a personal company to a family member
There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to …
