Furnished Holiday Lets
The taxation of residential property letting has seen some changes in recent years. The most significant is the change in tax relief on interest payments. These were once just a tax-deductible expense but are now being shifted to an adjustment…
Employment Expenses
If you are self-employed, then you are allowed to deduct business expenses from your income. You then only have to pay tax on the amount after expenses. If you are employed then most business expenses will be paid by your…
Registering For Self-assessment
We are now a month and a half into a new tax year. If you have completed a tax return in previous years, then you are likely to have already received a notice from HMRC to file a return for…
Tax Codes
I have employment income and I was expecting my tax code to go up. Instead it has gone down and I am now paying more in tax. Why is this? Tax codes are part of the PAYE system. Their purpose…
Tax Question and Answer
I’m planning to buy some new equipment for my business. Can I claim the cost for tax? As a general rule, if an expense is incurred for business purposes then it can be deducted from income to reduce the taxable…
Marriage Allowance
Whilst not as valuable as the Married Couple’s Allowance, which requires at least one partner to have been born before 6th April 1935, the Marriage Allowance can still provide a tax saving. Its main application is for couples where one…
Tax On Dividends
I run a small limited company with my wife. In previous years we have each taken a small salary then dividends from the remaining profits. This has previously left us with no tax bills. Now I find we both have…
Questions and Answers
In a brief period of unemployment, I did a little bit of self-employed freelance work. I now have another full-time job. Do I need to report this income? If your total income from self-employment was less than £1,000, then you…
Questions and Answers
I’m VAT registered and I have just bought a second-hand vehicle for the business. Is there any VAT I can reclaim on this purchase? If the vehicle you have purchased is a car, it is extremely unlikely you will be…
Tax Questions and Answers
I work in the building industry, with most of my work being short-term contracts on various sites. Do I need to register as self-employed each time I start a new contract? When you are working as self-employed, regardless of the…