The tax treatment of rental expenses

Factors to consider when calculating rental expenses. Generally, when calculating the rental business profits, expenses will be treated as revenue expenditure provided they are incurred wholly and exclusively for the purposes of the business and are not of a capital...

Professional fees and subscriptions

Claims by individuals for income tax relief. Tax relief can be claimed on fees or subscriptions paid to approved professional organisations where an individual must have membership to do their job or it’s helpful for their work. The claims are under sections 343 and...

ISA joy confined to the kids

Annual limit uprated on junior ISAs, but not adult ISAs.  The Individual Savings Account (ISA) annual subscription limit for 2018/19 will remain unchanged at £20,000. The annual subscription limit for junior ISAs and child trust funds for 2018/19 will be uprated in...

Happy New Year

Just a note to wish all our clients and contacts Happy New Year. We are back in the office tomorrow, 2 January. January, of course, is a busy month with Self Assessment work, so if you still owe us papers, please get them over ASAP to minimise last minute rushes. A...

Increase in R&D expenditure credits

Carry out R&D? RDEC claimants could benefit from the Budget. Companies that carry out Research and Development (R&D) and claim Research and Development Expenditure Credit (RDEC) may benefit from announcements in the Autumn 2017 Budget. Increasing the amount...

VAT evasion clampdown

Online fraud comes in for battery of anti-evasion moves. The government has announced two major changes in its anti-VAT fraud measures as a result of consultations earlier this year. These are: 1. Reverse-charging in construction A new VAT domestic reverse charge will...