Trading and property allowances

If your property income is less than £1,000 there is probably no need to report it to HMRC. There are exceptions and Graham Buckell takes us through the traps. “In the Budget 2016 the Chancellor announced two new exemptions for casual trading and property...

R & D tax relief under-claimed

R&D tax relief still under-claimed Every year HMRC publish statistics about the take-up of the very generous Research & Development tax credit regime and this year’s review has yet again illustrated that the relief is often underclaimed.  It seems that many...
HMRC’s definition of a car

HMRC’s definition of a car

The difference between a company car and a van is not just aesthetic or practical, it has an impact on your tax bill.

Making Tax Digital for VAT

The Finance Bill 2017 proposes HMRC powers to introduce regulations for businesses with turnover above the VAT threshold to keep records digitally (for VAT purposes only) and to submit VAT info to HMRC through MTD compatible software from April 2019. MTD will also be...

Top 5 tax tips

As tax advisors, some themes come up time and time again and so we thought it might be useful to share our Top 5. Salary & dividend mix Owner managers have the benefit of being able to decide how they remunerate themselves with a combination of dividend and...

IHT and business property

What are the inheritance tax (IHT) implications of how business property is held? Trading businesses, whether held as sole traders, partnerships or in a company, generally qualify for 100% business property relief for inheritance tax purposes. Where property used in...