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Tax planning for trading losses

Tax planning for trading losses

October 1st 2024 A sole trader or partnership business may make a loss for several reasons – not necessarily because it is not doing well. A business can be operationally successful but still report losses due to Read more

What can HMRC do if you do not pay your tax bill?

What can HMRC do if you do not pay your tax bill?

October 1st 2024 HMRC have a range of powers at their disposal to collect unpaid tax. If you are struggling to pay a tax bill, or know that you will not have the funds available to meet an upcoming bill, it is better Read more

Making a voluntary disclosure if you have not told HMRC about tax that you owe

Making a voluntary disclosure if you have not told HMRC about tax that you owe

October 1st 2024 There are various reasons why a person may not have told HMRC about the tax that they owe, ranging from a simple oversight to the deliberate evasion of tax. Regardless of the reason, if you have fail Read more

UK tax treatment of rent from overseas properties

UK tax treatment of rent from overseas properties

October 1st 2024 A person who is resident and domiciled in the UK is liable to UK tax on their worldwide income. Consequently, if they have overseas property that they rent out, any rental profits are taxable in the Read more

Are professional fees tax deductible?

Are professional fees tax deductible?

September 2nd 2024 As ever, the answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible if incurred 'wholly and exclusively' for Read more

Treating tenants’ deposits correctly for tax purposes

Treating tenants’ deposits correctly for tax purposes

September 2nd 2024 It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than five weeks’ rent where the annual rent is less than £50,000 or mo Read more

Tax implications of different methods of business finance

Tax implications of different methods of business finance

August 1st 2024 For many businesses, initial set-up costs are low with just an internet connection, smartphone and a laptop. Invariably, funding for expansion or to purchase specific items will come from the owner's Read more

Tax implications of letting out your drive

Tax implications of letting out your drive

July 4th 2024 If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done through the various apps that exist for this purpose. You can Read more

Do you now need to pay tax on your dividend income?

Do you now need to pay tax on your dividend income?

July 2nd 2024 The fall in the dividend allowance in recent years may mean that you now need to pay tax on your dividend income for the first time. The dividend allowance The dividend allowance was introduced from Read more