Business property relief is a relief from inheritance tax on a transfer of a particular business asset. If some of your wealth is invested in a business, you may find this post interesting.
It was a busy week for Paul after his office move. When he first come on board as my client, he was running his small marketing company from a studio in Welling. The business was booming and the team was expanding. Last week he moved to a new office which they sub-let from a hospitality […]
Ever since I heard about the penalties associated with Auto Enrolment of Workplace Pensions, I was a bit worried about my client base. Back in December 2014, I prepared a simple spreadsheet listing all my payroll clients. Added a column next to it to write down the letter code and the third column to write down […]
It was a Monday morning and surprisingly M25 was not that busy. My commute from Sidcup to Colnbrook was not bad as the door to door journey was around 1 hour 12 minutes. Anyway, I am lucky that I don’t travel this much every day but, I will be travelling to Colnbrook until February as […]
Whenever you are planning to expand your business, HMRC gives you many Capital Allowances. One of such allowance is Annual Investment Allowance.
Is your company registered at your home? Do you do most of your work from your home? If answers to above questions are yes then, YES, you can charge rent to your company for use of your home. Do I need an agreement for this purpose? Yes, you will need a licence between […]
G Ltd. offers a discount of 10% to its customers who make the payments within 30 days of the invoice. Question: G Ltd. has made a sale of £4500 plus VAT to a customer G Ltd. Should G Ltd. pay output VAT on full £4500 or on the price after discount offer. Answer: After the […]
Changes in Dividend tax with effect from 06.04.2016 means, increase in tax on dividend income. What are the changes then? The notional 10% tax credit on dividends will be abolished. What does it mean? It means, the Dividend income will not be grossed up while preparing the SA Tax return for the individual receiving […]
A number of changes are being introduced the way the finance costs will be deductible from tax year 2017-18. There are lot of complications involved with the calculation of tax payable on property rental income. Following are the main changes. Finance costs (i.e. mortgage arrangement fees, mortgage interest) will not be available as […]
Simon owns a shop on a high street. He also owns a residential flat above the shop. He pays VAT on the income from shop sales. He also claims the VAT on the purchase of the shop. He lets his flat to a family for residential purpose and receives the rent. Since the residential property […]