Article Database

Search results: 9 article(s) found in year 16, issue 2

PROPERTY

The end of wear and tear allowances

The wear and tear deduction allowed against residential letting income is to be scrapped. What will replace it and will landlords be better or worse off? More...

PENALTIES

When can penalties be suspended?

A simple mistake in your tax return that results in you paying too little tax can trigger a financial penalty. However, in some circumstances it can be suspended and ultimately cancelled. When can you ask HMRC to suspend a penalty? More...

EXPENSES

Barter trade - getting something for nothing

When your business pays another for work it can claim the cost as a tax deduction. If, on the other hand, it pays for the work in kind what are the tax implications and is there an advantage to be gained? More...

CAPITAL GAINS TAX

Tax-exempt property swaps

If you share ownership of two properties with someone else, you might consider swapping your joint interests for a 100% share of a single property. The trouble is that this can result in a capital gains tax bill. Can you legitimately avoid it? More...

CARS

Choosing the right car (for capital allowances)

The rate of capital allowances (CAs) you can claim for cars used in your business varies between 8% per year to 100% of their cost. That can make a big difference to your tax bill. What steps can you take to achieve maximum tax efficiency? More...

PROFIT EXTRACTION

Pay extra dividends now?

Tax on dividends is set to rise on 6 April 2016, but if the government includes anti-avoidance measures in the 2015 Autumn Statement it could apply sooner in some situations. So should you pay yourself extra dividends now? More...

VAT

Supporting your local team (VAT free)

A friend has asked if your company will help out the local sports club by donating some equipment. You’re happy to do this, but you’ve been told by your accountant that there might be VAT consequences. What are they? More...

PENSIONS

Protecting your pension savings

INCOME TAX

The transferable tax allowance shambles

Last updated: 07.08.2020

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