Understanding relief for rental losses

With the tax season in full swing, this is the time of year we typically experience a surge in enquiries relating to rental income. While the intention is to make a profit from letting out a property, this is not a given, and a landlord might instead realise a loss. Where this is the case,…

Read More

Tax relief for pre-trading expenses

A new year signals an influx of goal setting and for some that could mean pursuing their dream of setting up their own business. Undoubtedly there is a lot involved in setting up a business, and costs will be incurred pre-trading, often these can be of significant value.  What some business owners don’t know is…

Read More

Time-to-Pay Agreements

The January self-assessment payment deadline is not well timed, falling as it does in a month when people may already be struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored. Taxpayers who are within self-assessment will need to pay any…

Read More

Do I need to top up my pension?

More and more frequently our clients are contacting us with queries associated with their pensions. In this article we answer some commonly asked questions relating to state pensions. State pension qualification A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but…

Read More

Are Christmas parties tax free?

Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, to make up for lost time many employers have a date in the diary already. In this article we look into how you can celebrate the festive season without triggering a tax liability in the…

Read More

Reporting income from property on your self-assessment tax return

With the deadline soon approaching for filing your 2020/21 self-assessment tax return online (31 January 2021), if you haven’t already, you need to begin collating your records. As part of your return, you may need to tell HMRC about income you have received from property and in this article, we will cover whether this income…

Read More

Directors loan accounts – Bed & Breakfasting Rules

Street featuring bed and breakfast

Throughout an accounting period a director can withdraw monies from the company against the Director’s Loan account (DLA), the withdrawals usually being satisfied by the taking of a salary and/or bonus and/or dividends (dividends being preferable as no NICs are payable) or by repaying the monies withdrawn. By the end of the accounting period sufficient repayments…

Read More

Different ways of deferring CGT by selling or gifting a business asset

Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including a personal trading company) then it is possible to defer the charge. Methods of deferral available for both self-employed and companies are most typically via…

Read More

Autumn Budget 2021 Highlights

London Skyline in Autumn

“Growth up, jobs up, and debt down: Let there be no doubt – our plan is working.” These were the opening remarks from Chancellor, Rishi Sunak, during his Autumn Budget announcement earlier today. He began with an overview of the economic landscape with the news of better-than-expected economic growth and a warning about inflation. Economic…

Read More