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Category: Blog

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Tax implications of different methods of business finance

For many businesses, initial setup costs are low for just an internet connection, smartphone, and laptop. Invariably, funding for expansion or the purchase of specific items will come from the owner’s resources or those of family or friends. If an individual makes a gift either to a business owner or to the business itself, it

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Maximizing Tax Deductions for Property Business Expenses

Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, all allowable expenses must be deducted when calculating the profits for that business. However, to avoid unwanted attention from HMRC, it is important to understand which expenses can be deducted, and which cannot. An expense is revenue in

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Wealthy taxpayers within PAYE – When is a tax return required?

Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and 2021/22. A letter was sent where the taxpayer had submitted a return for 2020/21 and 2022/23 but not for 2021/22 or where a return had been submitted for 2019/20 and 2022/23 but not for 2020/21 or 2021/22. Taxpayers

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How to Claim Tax Relief on Work Clothes

Many employees are required to wear a uniform or particular type of clothing whilst at work. Even where there is no set uniform, many have clothes that they wear only to work and regard as ‘work clothes’ they would not otherwise wear. Tax relief is available, but only for the cost of cleaning, repairing, or

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Repairs vs. Improvements: Tax Implications for Landlords

As a landlord, you will periodically need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating, or the work may be more substantial, such as replacing a roof or a kitchen. From a tax perspective, all work on a property is not equal, and it is important to

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Tax Rules for Children’s Income and Savings: What Parents Need to Know

Children may have an income. This may be in the form of savings income on accounts that they hold or, for older children, income from a paper round or a Saturday job. Like adults, children have their own set of allowances, including a personal allowance and savings and dividend allowances. However, anti-avoidance provisions apply to

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