Unused compensation for damaged property – is tax payable?
Your trading premises suffered structural damage, for which you were compensated by your insurer before any repairs were made. But you didn’t use all the money – do you need…
How to persuade HMRC that an error on your tax return wasn’t deliberate
This is the scenario: HMRC has claimed there are deliberate (rather than careless or innocent) errors on your tax return. But you dispute this, and want to take your case…
Pre-trading expenses – are directors’ salaries tax deductible?
When you’re involved in a new business start-up, you’ll be investing a great deal of time to ensure that it is a success. If you’re being paid for your hard…
If you’re transferring a share of a rental property to save tax, be aware of a stamp duty surprise
Higher-rate paying landlords often give a share of their rental property to a spouse who pays income tax at the lower rate, as a way to save on income tax…
People are paying more in income tax – take advantage of all your allowances
According to data from HMRC, income tax paid by the public has doubled over the past two decades. By 2019-18, which are the last available figures, £187bn was paid in…
Taken a loan from your company? How to pay it back for optimal tax-efficiency.
If you have taken a director’s loan, you will need to clear it to avoid your company facing a tax sizable bill if there’s money still owing when its financial…
Capital allowances, the basics broken down
When equipment is purchased for use in a business, tax relief is given in the form of capital allowances (CAs). Sometimes CAs are spread over a few years; sometimes they…
Accelerated tax payments, the writing has been on the wall for some time
The government is planning to accelerate tax payments, with quarterly or maybe even monthly payments demanded from companies and individuals who pay through self-assessment. This isn’t the first time this…
