Many small businesses are run from home and a proportion of the costs associated with running and maintaining a home can be deducted in computing the profits of ... Continue Reading
Entitlement to the state pension and contributory benefits is contingent on having paid sufficient National Insurance contributions. Fortunately it is possible to ... Continue Reading
DifferenceAnyone buying property to let out on a long-term basis will most likely be deemed an investor, whereas someone buying to refurbish then sell, whether resulting ... Continue Reading
Most businesses incur travel expenses and these can be significant. It is therefore important that you deduct allowable travel expenses when computing your profits.The ... Continue Reading
Your tax code determines how much tax is deducted under PAYE. You should always check that your tax code is correct as errors may result in too much or too little ... Continue Reading
Under the ‘Non-Resident Landlord Scheme’ (NRLS) where the deductible expenses exceed rental income for any quarter the excess expenses are:carried back ... Continue Reading
Where there are several shareholders, for 2015/16 profits can be extracted tax-free by paying dividends to each up to the basic rate limit. Where shareholders have ... Continue Reading
The Annual Investment Allowance (AIA) is set at a temporary level of £500,000 a year from 1 April 2014 (corporation tax) and 6 April 2014 (income tax) until ... Continue Reading
How does it work? A ‘nil rate band’ (NRB) ‘Discretionary’ trust is created on death in a sum to include property equal in value to the ... Continue Reading
Paying contributions into a registered pension scheme can be an effective way of extracting profits from a family company.Employer contributions can be made without ... Continue Reading
