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
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
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
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
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
Where you have more than one property it is possible to choose which one is your PPR at any given time, provided the elected property is used as a home. However, ... Continue Reading
If you let a property furnished, it may be beneficial to delay spending money on replacing furnishings until on or after 6 April 2016. This is because 2015/16 is ... Continue Reading
