I am often asked what sort of expenses can be claimed against rental income.
Here’s a summary of the more common types of deductible expenditure which I use as a reference for myself as well as for clients.
The tax landscape for buy-to-let property investors has changed significantly in recent years, and unfortunately not for the better.
Since it was first mentioned way back in 2015, Making Tax Digital has undergone a number of changes, delays and deferrals. So, where are we now? The first thing to note is that you are only affected by Making Tax Digital (MTD) now if you are (or are about to become) VAT registered. Am I […]
It’s 6 April 2021, the start of a new tax year. Is it too early to start thinking about your 2020/21 self-assessment Tax Return? Of course not! But, with the 31st January 2022 filing deadline still many months away, why should you worry about it now? Well, here’s seven good reasons why: If you are […]
The Spring Budget on 3rd March revealed a few details about the next stage of the self-employment grant. Whilst we are still waiting for further details the most striking (and welcome) difference between this grant and previous versions is that this one will be available for those who were not trading in 2018/19 and only […]
Avoid hitting critical ‘income thresholds’ There are three fundamental income thresholds to avoid: £50,000. At this level of income the higher rate of tax kicks in: earnings and other income are taxed at 40%, dividends are taxed at 32.5% and the tax-free interest allowance drops to £500. £50,000 (again). This is also the level at […]
For me, the big headlines from today’s budget are the delayed increases to corporation tax rates and the extension to the Stamp Duty Land Tax holiday, but the biggest surprise is probably that Capital Gains Tax has been left alone! Here’s a summary of the main announcements: Individuals Personal allowance increases to £12,570 for 2021/22 […]
The pandemic has dramatically changed the way many of us work. As offices around the country closed, more and more of us have been working from home. However, this means that many employees and directors are now able to claim for extra expenses incurred which can be used against your next tax bill.
In the last year the pandemic has dramatically changed the way many of us work. More and more of us have been working from home, rather than visiting client premises or working in shared office spaces. All this means that new claims can be made for expenses incurred and used against your next tax bill.
The new domestic reverse charge applies from 1 March 2021, but who does it apply to, and what do they need to do?
Research by Countrywide agency, Hamptons, shows that a record number of limited companies were set up to hold buy-to-let properties in 2020. This was the second most common type of business to incorporate, only beaten by companies selling goods online or by mail order.
So, is now the time for you to think of incorporating your buy-to-let business?
31 January 2021 is the deadline for paying: Your second payment on account for 2019/20 if deferred from 31 July 2020, plus Your balancing payment due for 2019/20, plus Your first payment on account for 2020/21 If these add up to less than £30,000, then instead of making this payment in full by 31 January, […]
Coronavirus has put paid to another one of the year’s highlights – the traditional office Christmas party. However, employers can still provide a celebration for their employees – in a tax efficient manner of course – by throwing a virtual Christmas party instead!
Claims for the third self-employment income support scheme grant can be made between 30 November 2020 and 29 January 2021. Are you eligible, and if so how much can you claim? Read on to find out: Eligible individuals You must have been eligible for the first and second grant (see below), although you don’t have […]
The Office of Tax Simplification (OTS) have published the first part of their report into simplifying the design of Capital Gains Tax (CGT). The report makes 11 recommendations in four main areas, as follows: Rates and Boundaries The rates of tax paid on capital gains are considerably lower than the rates of tax paid on […]
This case was the subject of an earlier blog – Can I claim Private Residence Relief for an off-plan purchase? – which covered the Upper Tribunal decision in favour of HMRC. It has since reached the Court of Appeal which reached the opposite conclusion. The case Mr Higgins purchased the lease of a flat through […]
Ever bought a Toucan activity box? Ever wondered what the VAT treatment was? Well, wonder no more as this has been decided in the First Tier Tax Tribunal (FTT). The case Toucan activity boxes contain a magazine and craft supplies for children. The taxpayer considered these to be a mixed supply of a zero-rated magazine […]
UPDATED following the Chancellor’s statement on 5 November 2020 We were already expecting an extension to this scheme for the six months from November 2020 to April 2021. However, this has now been made more generous than was initially intended following the announcement of a second national lockdown. Here’s what we know so far: Eligible […]
UPDATED following the Chancellor’s statement on 5 November 2020 The Job Retention Scheme – more commonly referred to as the furlough scheme – was originally intended to come to an end on 31st October, however with a second national lockdown being announced the scheme has been extended to March 2021 We don’t have full details […]
From 6 April 2020, capital gains on the disposal of UK residential property must be disclosed to HMRC and any capital gains tax due must be paid within 30 days of completion. Do I have to complete a 30-day Return? If you are UK resident and dispose of UK residential property by way of sale […]
