If there is an overall income tax loss made for a tax year, then unless the loss arises in relation to certain capital allowances, the loss is generally relieved ... Continue Reading
By default, rental profit from property jointly owned by spouses/civil partners is taxed 50:50 irrespective of the underlying respective proportion of actual ownership. ... Continue Reading
Most professions require members to pay an annual subscription to a professional association for the right to use the qualification and designatory letters.Where ... Continue Reading
Any business owner taking out a mortgage/loan in order to finance capital to invest in a business is allowed to deduct interest paid from income received. Renting ... Continue Reading
Payments into an approved pension scheme attract tax relief at your highest rate of tax and are deemed to be paid net of basic rate tax. Contributions attract tax ... Continue Reading
Tax relief is available on money borrowed to buy equipment or machinery for use in a partnership, provided that the items in question qualify for capital allowances.It ... Continue Reading
EIS schemes offer tax relief on contributions at 30% and a tax deferral on gains. EIS investments are generally high risk and invest in a single company.Note – ... Continue Reading
Expenses incurred in the running of a property letting business are deductible from rental income received in calculating the taxable profit. However, just because ... Continue Reading
Many people are not aware that you can claim expenses incurred in the seven years before commencement of trading against your first year’s trading profits.The ... Continue Reading
If you rent out a property, which was at one time your PPR, you will qualify for the lettings relief.This can be worth up to £40,000 against the gain realised ... Continue Reading
