Category Archives: Personal Tax

Mini Budget 2022

The new Chancellor Kwasi Kwarteng revealed his first budget on Friday 23rd September.  Whilst many of us were expecting some tax breaks nobody had predicted the biggest tax cutting budget since 1972. The tax cuts and other incentives in the budget are directed towards growing the UK economy. The government is targeting a 2.5% growth […]

Should I buy a car or lease it?

Are you thinking about buying a car?  If so, will it be an electric car? Will you buy it or lease it? Will it be a Company Car, or will you buy it personally? Buying a car is a big decision and one that should be taken with some thought. Whether you buy  or lease […]

Business expense if you don’t charge a market rent?

Are you a landlord? Have you let out your property at an undervalue? If so, what business expense can you claim if you don’t charge a market rent? As a landlord and a tax payer you want to maximise tax savings and claim all the possible expenses against your rents.   Why would you not […]

How do you understand your PAYE code?

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 […]

What expenses can you claim against your rental income?

repairs for rental property

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. […]

Letting out your property as a holiday let?

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 […]

Is it a repair or improvement ?

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. […]

Divorce and Tax

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, […]