In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for the expenses of running a property business. Allowable expenses The general rule is that...
To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-back rules, the claim...
Cryptocurrencies, such as Bitcoin, are a type of electronic cash; designed to stand apart from any government or bank they work through a computer network. Records confirming Individual ownership of the 'coins' are stored in a digital ledger with secure transaction records. Coins can...
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for...
Chancellor Rishi Sunak, delivered his Spring Statement (and mini budget) on 23rd March 2022. With pressure on him to help ease the cost of living crisis, and the impact of the ongoing conflict in the Ukraine, we take a look...
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April 2022. Payment of the levy, which is set at the rate of 1.25% of qualifying...
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax rules which tax high emission cars heavily and reward drivers for choosing electric and low...
Reporting and paying tax on UK residential property gains Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment made on account of the associated tax...
Electric charging points – Is there a tax liability? As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge points. The...
On the 27th October 2021, Chancellor Rishi Sunak unveiled the contents of his Budget in the House of Commons. Setting out the government's tax and spending plans for the year ahead, Mr Sunak said his plans were focused on the...