Company Pre and Post Year-End Planning Notes As your company approaches its year-end, you should bear in mind that the profit declared in the final accounts will be liable to Corporation Tax (currently at a rate of 19%) payable 9 months after the end of the year. There are certain items that you should perhaps…
CHANGES TO CAPITAL GAINS TAX ON SALE OF RESIDENTIAL PROPERTIES There are three major changes to the way that Individuals are taxed on capital gains arising on the disposal of ‘buy to let’ & ‘second home’ residential properties, coming into effect from the 6th April this year. DATE OF PAYMENT From the 6th April…
Expense claims for the self-employed You can claim tax back on some of the costs of running your business, or what HMRC calls ‘allowable expenses’. These appear as costs in your business accounts and will be deducted from the profit that you pay tax on. In other words, expenses can reduce the average sole trader…
Croner Taxwise have issued the following notes in respect of the recovery of VAT incurred prior to VAT registration: The entitlement to recover VAT on stock and assets on hand at registration as if it were input tax is contained in regulation 111 of the VAT regulations 1995. In the case of a limited company,…
Croner Taxwise have issued the following notes in respect of joint rental income: A married couple (or those in a civil partnership) who are living together and own a rental property in joint names are generally treated as entitled to half of the income each. This deeming rule is found in s836 ITA2007 which states:…
We are seeing an increase in the number of clients being contacted by HMRC who are subject to the High Income Child Benefit Tax Charge but have not disclosed this on their Self Assessment Tax Return. In these cases, the taxpayers are required to pay back some, or all, of the Child Benefit received, with…