Capital allowances cannot generally be claimed by landlords who let residential property. They are more likely to be claimed by landlords of commercial property ... Continue Reading
A business must register for VAT if the VAT taxable turnover in the previous 12 months is more than the VAT registration threshold (£82,000 from 1 April 2015) ... Continue Reading
Although the basic rate of income tax at 20% is the same as the rate of corporation tax (20% in financial year 2015), it can still be beneficial to incorporate and ... Continue Reading
Currently a ‘Wear and Tear’ allowance can only be claimed on rental property that is let as fully furnished, that is when the property includes such ... Continue Reading
When setting up a limited company consider creating different classes of shares to allow the flexibility for different rights to be attributed to different shareholders. ... Continue Reading
If the interest rate on your mortgage is higher than the interest you earn on your savings, then you can save a considerable amount of money and reduce your tax ... Continue Reading
The ‘Rent-A-Room’ relief scheme is an optional tax exemption scheme that allows property owners who let out spare furnished rooms in their only or main ... Continue Reading
If you are sent to work abroad for a continuous period of at least 60 days, then your employer can pay for two trips abroad per tax year for your spouse or civil ... Continue Reading
A limit is placed on the amount that an individual may deduct by way of certain specified reliefs from 6 April 2013 onwards. The limit is set at £50,000 or ... Continue Reading
Expenses incurred in the running of a property business will have been spent in order to generate income and as such can be deducted from income received during ... Continue Reading
