The children are gone and there is an unoccupied ‘spare’ room. Apart from using the room as extra storage, renting it out is another option that can enable use of the space as well as bringing in some extra cash…. Read more
Making Tax Digital – should your business change its year-end now? Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which… Read more
Most businesses know that once the tax turnover for a business exceeds the VAT registration threshold (currently £85,000 a year), or it is expected to do so within the next 30 days, VAT registration is compulsory. Some businesses are not… Read more
Whatever the reason for becoming a landlord, expenses will be incurred relating to that property at some time or another. Unfortunately, just because a payment has been made does not necessarily mean it is allowable for tax. Even if the… Read more
Claims for repayment of tax are usually made via submission of a tax return, e.g. a self-assessment repayment claim is made by completion of the section on page TR7. Whether as an individual or a company the time limit for… Read more