Capital expenditure for property businesses
There are different rules which apply to different types of capital expenditure for a property business. One of the main areas to consider in deciding whether a repair is a deductible expense is
Business Advice
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Dormant assets scheme expanded
Under the current scheme, banks and building societies transfer the money held in dormant accounts to a central reclaim fund. The reclaim fund is responsible for managing dormant account money,
Corporation Tax loss relief for losses carried forward
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or
The meaning of trade for tax purposes
Interestingly, there is no statutory definition of ‘trade’. The only statutory reference to the term states that ‘trade’ includes a ‘venture in the nature of trade’. This absence of statutory clarity
VAT Fuel Scale Charges
The new VAT road fuel scale charges have been published. The changes amend the VAT scale charges for taxing private use of road fuel to reflect changes in fuel prices. The new fuel scale charges must
Dormant bank accounts
There is a free tracing service called 'mylostaccount' to find lost bank accounts. The service brings together the three tracing schemes of the British Bankers' Association (BBA), the Building
Air Passenger Duty changes
Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of
Getting tax relief sooner for charitable donations
If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can reclaim the
When do you have to register to submit a tax return?
There are a number of reasons why you may need to register with HMRC to submit a tax return. This includes if you: are self-employed and earning more than £1,000, are a company director, have
Early birds get time to pay
The 2018-19 tax year ended on 5 April 2019 and the new 2019-20 tax year started on 6 April 2019. Many taxpayers will be tempted to delay dealing with their 2018-19 tax returns until late this year or