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
Many people are unaware that if a trading loss is claimed against other income, either for the current or previous year, then by election this can be extended to ... Continue Reading
Special rules apply for the claiming of capital allowances on the purchase of ‘integral features’ that comprise the following are relevant to property ... Continue Reading
Entrepreneurs’ relief provides relief against capital gains tax on qualifying gains made by an individual on the disposal of all or part of the business, the ... Continue Reading
Capital allowances are treated as part of a trading loss for loss relief purposes, and so care should be taken to determine whether disclaiming these and shrinking ... Continue Reading
How does it work? The beneficiary has the right to receive an income for a defined period from the trust (usually for the remainder of the beneficiary’s ... Continue Reading
The Enterprise Investment Scheme (EIS) is designed to help smaller higher risk companies raise finance by offering a range of tax reliefs to investors.Under the ... Continue Reading
If you are a small business it can be advantageous to join the VAT flat rate scheme for small businesses. Under the scheme you use a flat rate percentage to work ... Continue Reading
