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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

Although using fixed rates to calculate deductions saves a lot of work, if actual costs exceed the fixed rate costs it is beneficial to calculate the deduction by ... Continue Reading

Interest on a loan used to buy a property for letting is an allowable expense against the rental income as is interest on a loan taken out for repairs.The costs ... Continue Reading

As a general rule entertaining expenses are not deductible. However, there are some types of expenditure for which a deduction is allowed.The main exception is entertaining ... Continue Reading