02 - May 2019
Airbnb-type lets – is rent-a-room relief available?
Posted by : Pro-Taxman
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Many homeowners have taken advantage of sites such as Airbnb to let out a spare room on a temporary basis or their whole property while they are away. In most cases, as long as the associated conditions are met, hosts can enjoy rental income of up to £7,500 tax-free under the rent-a-room scheme. This continues […]
02 - May 2019
Claiming a deduction for pre-letting expenses
Posted by : Pro-Taxman
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For tax purposes, a property rental business begins when the first property is let. However, it is likely that the landlord will have incurred some expenses prior to that date in getting the property ready to let and in finding a tenant and agreeing the let. Once the letting has commenced, expenses incurred in relation […]
01 - May 2019
The importance of keeping good business records
Posted by : Pro-Taxman
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To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole trader or in partnership or operating a limited company. Business records for the self-employed The […]
01 - May 2019
Working from home – claim tax relief for your expenses
Posted by : Pro-Taxman
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An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax relief for the costs that they incur from working at home, regardless of whether their employer meets those costs. Nature of expenses Where an employee works from home, they can […]
01 - May 2019
Give to charity to reduce your inheritance tax bill
Posted by : Pro-Taxman
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Making gifts to charity can be an effective way to reduce the amount of inheritance tax (IHT) payable on your estate. Charitable gifts can work to reduce the IHT payable in two ways: reducing the value of the net estate chargeable to IHT; or where the gifts to charity are worth at least 10% of […]