Buying a house, Remortgaging, or applying for a UK visa for your loved one can be stressful process. In order to achieve your goal, whether its Visa, Mortgage or loan, you will need SA302 from HM Revenue & Customs. Back in the days, would need...
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making...
What is an LLP - Limited Liability Partnership A limited liability partnership (LLP) is similar to an ordinary partnership in that a number of people or limited companies join together and share the costs, risks, and responsibilities of the business. They also take a share of...
Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car...
Employer-funded scholarships Special tax rules apply to scholarships, which include exhibitions, bursaries or other similar education endowments. Provided certain conditions are met, there will be no tax or reporting implications where an employer funds a ‘fortuitous’ scholarship for an employee’s family member. Broadly, this means that there...
Tax relief on business-related loans - Is interest allowable expense? Subject to certain conditions and restrictions, tax relief will generally be available for interest paid on loans to, or overdrafts of, a business in the form of a deductible expense. Different rules for loan interest relief...
Family member pension contributions Although there continues to be plenty of speculation over possible pension tax relief cuts, as things currently stand, paying into a pension generally remains a tax-efficient way of saving for old-age. Given that there may well be future changes in this...
Be aware of 60% tax rate risk on bonuses In the lead up to Christmas and the end of the financial year for many businesses, some directors and employees may be fortunate enough to be thinking of a bonus. If this is the case, it might...
When is the best time to Setup Limited Company? Over the last decade, corporation tax rates for most companies – irrespective of size - have fluctuated between 19% and 21%. The main rate of corporation tax is expected to be cut to 17% from April 2020. Current...
Buying a property to let – the importance of keeping records from day one For tax purposes, good record keeping is essential. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside...