It’s been a very long week at least on the domestic political scene. It seems longer than just a week ago when we saw the resignation of Sajid Javid followed very quickly by the then Chancellor Rishi Sunak causing a chain reaction eventually leading to the Prime Minister’s (PM’s) resignation. So here we are a […]
Author Archives: Priya Raja-Motala
06
Jul
Jul
The pandemic has changed a few things but one of the key changes has been that more of us are now working from home. The question that is now being asked is what can you claim for business travel? Travelling expenses when you are working from home is something most employees seek to claim back […]
22
Jun
Jun
Have you ever noticed how everybody is always busy? “I don’t have any time” seems to be an overused phrase in many normal conversations whether that be business or personal But if we are really honest, it is not the time that is an issue, it is a question of priorities. In fact, it is […]
15
Jun
Jun
Everyone who is on a payroll or receives a private pension will have a tax code from HM Revenue & Customs (HMRC). This code also referred to as PAYE code tells your employer or pension provider what tax to deduct. But how do you understand your PAYE code? Do you fully understand what is and […]
08
Jun
Jun
If you have any business, you want to make sure that you maximise your tax position. The same applies to when you are a landlord, so what expenses can you claim against your rental income? We refer to these as allowable expenses so in other words your business costs that can be deducted from profits. […]
01
Jun
Jun
How do you get a repayment from HMRC? When you have overpaid tax, you obviously want it repaid. But how do you get a repayment from HMRC? How will you know if you are entitled to a refund of tax? And once you know is it necessary to complete a Self-Assessment Tax Return? […]
25
May
May
A recent survey by the Federation of Small Business (FSB) states that almost 50% of their businesses will face stagnation in growth due rising costs of operation. As a business you need to review your risks and your small business strategy. Against the background of soaring inflation, the war in Ukraine, global supply chain problems, […]
Business Tips, HM Revenue & Customs, Personal Tax, Tax Advice, Tax Planning
Letting out your property as a holiday let?
18
May
May
The pandemic is said to bring a few behavioural changes. Working from home including “blended working” is one such example and letting out your property as a holiday let may be another one. During the later part of 2021 many councils in the tourist areas of the country were experiencing significant rises is housing waiting […]
11
May
May
The most common question we deal with when preparing accounts for landlords is “is it a repair or improvement”? It can often be difficult to distinguish between repairs and improvements. However, it’s extremely important to report them correctly for tax purposes. Repairs are often referred to as revenue expenditure and improvements as capital expenditure. […]
04
May
May
Knowing whether business expenditure is capital or revenue is essential to the preparation of correct accounts and tax returns, but it is sometimes difficult to decide what is the right treatment. HM Revenue and Customs (HMRC) has recently updated its guidance on the most common errors. First the basics: revenue expenditure is deductible in computing […]