23 - July 2019Today’s blog covers taxing rental deposits – what’s the most you’ve spent repairing after a tenant has moved out?
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Rental deposits A landlord will usually take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property by the tenant. Where a property is let on an assured shorthold tenancy, the tenants’ deposit must be placed in an official tenancy deposit scheme. The purpose of […]
05 - July 2019Are you prepared for the dividend allowance cut on your January 2020 tax return?
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Dividend complexities The dividend allowance, which was originally introduced from 6 April 2016, was cut from £5,000 a year to £2,000 from 6 April 2018. The cut is likely to have a significant impact on employees and directors of small businesses who receive both salary and dividend payments.Many family-owned companies allocate dividends towards the end […]
03 - July 2019Here’s how to reduce business and household costs by using simplified expenses
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Simplified expenses for smaller businesses Certain unincorporated small businesses may choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses. Whilst easing the administrative burdens […]
01 - July 2019Don’t lose out on tax reliefs for start-ups
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Just starting outAs long as HMRC can be satisfied that a business is being run on a commercial basis with a view to making a profit, they will usually allow taxpayers to claim tax relief for a trading loss in one tax year against other taxable income (for example PAYE income or a pension) from […]
26 - June 2019Do you own a holiday cottage? You could get favourable tax treatment.
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Furnished holiday lettings – is it worth qualifying? When it comes to taxing rental income, not all properties are equal. Different rules apply to properties which meet the definition of ‘furnished holiday lettings’ (FHLs). While the rules now are not as generous as they once were, they still offer a number of tax advantages over […]