Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the...
Posts Tagged ‘Record Keeping’
Director’s Loan Accounts: Recording Personal Expenses
HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors. Directors’ personal...