Landlords running an unincorporated property business can claim a tax reduction for interest and finance costs incurred in relation to residential lets (including holiday lets). The tax reduction is 20% of the lower of: The deduction cannot create a tax refund. If the interest and finance costs are higher than the business profits and/or the […]
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Where a business is run through a personal or family company, the directors/shareholders will need to extract profits if they are to be used personally. There are various ways to do this, and popular options include paying a small salary and extracting additional profits as dividends. However, where the business is run from home or
Extracting profits as rent Read More »
Costs of working from home When an employee works from home, they may incur additional costs, such as higher gas and electricity bills. The tax system offers some help where the employer meets some or all of these additional costs. However, the relief previously available to employees who met these costs themselves will be withdrawn
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VAT is often thought of as a relatively simple tax; if a business is VAT registered, 20% VAT is usually charged. However, in practice, the VAT system is more complicated. What is being supplied, who is doing the supplying/buying, where the supply takes place and whether particular conditions and evidence requirements are met determines whether
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By now the first quarter’s Making Tax Digital (MTD) submissions should have been made. However, by 12 August, just over 436,000 of the estimated 864,000 taxpayers affected had submitted their first quarterly update. Many taxpayers have questioned why the new system has been introduced, with some wondering whether it is simply a precursor to quarterly
April 2029 – Taxpayers’ payment dates may be changing Read More »
As for unincorporated trading businesses, the cash basis is the default basis for the preparation of accounts for landlords running an unincorporated property business. However, unlike traders, landlords can only use the cash basis if their rental receipts calculated under the cash basis are £150,000 or less for the tax year. Landlords who are not
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The Championship is the most exciting league in football. Its finances tell a very different story. Leonard Curtis has just published its first Football Finance Report on the EFL Championship, and the numbers are striking: 📉 Loss-making, every year. The league failed to post a combined pre-tax profit in any of the last ten seasons.
The Leonard Curtis Football Finance Report 2026. Read More »
Not all taxpayers owe money – sometimes they are due a repayment. This may be for a number of reasons, and the method by which that repayment is obtained varies depending on which type of tax the repayment relates to. The rules also differ depending on whether the repayment arises from an amended return, a claim
Do deadlines matter for tax refunds? Read More »
The cash basis is the default basis for preparing accounts for landlords with annual rental income of £150,000 or less who run unincorporated property businesses. Under the cash basis, income is recognised only when received, and expenses are recognised only when paid; there is no need to account for debtors and creditors or for prepayments
Capital expenditure and the cash basis Read More »
Should your company buy your bike?Getting around a city by bus, car or taxi can be frustrating, with traffic congestion often making journeys slow and unpredictable. Travelling by bicycle can be quicker, cheaper and better for the environment. If you run your own limited company, buying a bicycle through the company can also be a
Should your company buy your bike? Read More »