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
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
