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
By ensuring that you pay any tax on time, you can avoid paying the HMRC non-deductible interest for the late payment of tax.Example:Peter files his Tax Return in ... Continue Reading
Should a property that was initially a main residence be converted into flats and sold, Principal Private Residence (PPR) relief will be denied in respect of the ... Continue Reading
Business assets may be given to other members of the family. In this situation gift hold-over relief may be claimed. This allows the gain to be ‘held over’ ... Continue Reading
Taxable profits are normally calculated in accordance with Generally Accepted Accounting Practice. This means that profits are determined on the accruals basis by ... Continue Reading
Principal Private Residence relief cannot be claimed for any part of the main residence that is used exclusively for business use. To protect the exemption, ... Continue Reading
