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. […]
Author Archives: Priya Raja-Motala
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 […]
27
Apr
Apr
We are now in the new tax year 2022-2023 which started on 6th April 2022. Did you know the chosen year end of 5th April was first introduced in 1752? Back then the new tax year started on 25th March and ended after full 365 days which would be on 4th April. But in 1800 […]
20
Apr
Apr
We have just had Easter which is traditionally a time for renewal and rebirth. Spring is truly here, and the dark days of Winter are behind us. Yet we all know this year life is harder for many. According to the Joseph Rowntree Foundation more than one in five of the UK population now lives […]
13
Apr
Apr
The UK is one of the best places to do business in the world. Yet the current economic conditions of high inflation and problems with resources has meant there is a chance you may be thinking of your business right now and asking the question “how can I avoid insolvency?” You are probably involved in […]
06
Apr
Apr
Whilst tax is unlikely to be at the top of your list of important issues if you decide to separate, the potential benefits which could arise from prudent tax planning can ensure that both parties do not have unexpected and unwanted tax charges. This is particularly relevant for Capital Gains Tax (“CGT”), which, in reality, […]
Business Tips, Employee Benefits, Myers Clark Team
How to stay positive in uncertain times in the workplace
16
Mar
Mar
This is the big question of the day. How to stay positive in these uncertain times especially when it comes to the workplace. Not only have we had a global pandemic for two years, but we also have political upheavals around the globe, an all-out war on European soil and new stories everyday about rising […]
09
Mar
Mar
It’s not long to go before 1st April 2022. What is the relevance of this date you ask? This is the date MTD comes into play if you are a VAT Registered business but not yet filing under MTD. What is MTD? Making Tax Digital (MTD) is HM Revenue & Customs plan to digitise […]
Employee Benefits, Myers Clark Updates, National Insurance, Payroll, Tax Advice, Tax Planning
Is Salary Sacrifice a good idea?
02
Mar
Mar
You may have heard the term “salary sacrifice” on occasions and wondered what it is. Have you ever wondered if you should participate in the scheme either as an employee or an employer? Basically, is salary sacrifice a good idea? What is Salary Sacrifice? Salary sacrifice schemes are not a new thing and have […]
capital gains tax, HM Revenue & Customs, Tax Advice, Tax Planning, Tax Tips
Capital Gains Tax Deferral Relief – Enterprise Investment Scheme (“EIS”) Investments
23
Feb
Feb
Are you thinking of selling an asset? Or have you recently sold or gifted an asset that gave rise to a Capital Gains Tax (CGT) liability? If so, there is an often underutilised relief that could improve your cash position; Capital Gains Tax Deferral Relief. If you pay income tax at the higher or […]