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Articoli selezionati dal Direttore
Can we deduct entertaining expenses?
The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business...
Joint tenants v tenants in common – Does it matter?
There are two different ways of owning property jointly – as joint tenants or as tenants in common. The way in which the property is owned determines exactly who owns what and also what happens when one of the joint owners dies and how any income is taxed. Joint...
When and how to incorporate
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 corporation tax rates are still pretty favourable and...
What is an EORI number and who needs one?
An economic operator registration and identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In the event that the UK leaves the EU without a deal, an EORI...
Nominating your main residence
Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence. Where a property has been an only or main residence at some point, the final period of ownership (currently 18...
VAT refunds for DIY builders
If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on building materials and services. You do not need to be VAT registered to claim a refund. What qualifies? Refunds can be claimed in respect of...
Payroll, how to deal with new starters
From a payroll perspective, there are various tasks that an employer has to perform when they take on a new starter. For 2019/20 an employer needs to operate PAYE where the employee earns more than £118 per week (the lower earnings limit for National Insurance...
Private residence relief and the final period exemption
From a capital gains tax perspective, there are significant tax savings to be had if a property has been the owner’s only or main residence. The main gains are where the property has been the only or main residence throughout the whole period of ownership as private...
Check your tax calculation
Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA302 simple assessment....
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