• Tax planning for the business owner should be based on a comprehensive approach to both business and personal taxation. Take professional advice to find out how best to achieve your personal and business financial goals and minimise taxes at the same time.   Your choice of legal structure can have a significant impact on likely tax bills. If you set up in business as a sole trader or in a [...]

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    Landlords of residential property in the UK could be forgiven for feeling painfully targeted by the government in recent years. Several tax changes have been introduced which squeeze rental profits. The previously generous "wear and tear allowance" for computing how much can be deducted from rental profits to represent the costs of furnishing has been replaced by a more stingy "replacement [...]

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    Trivial Benefits Many employers are keen to reward staff with bonuses - especially at Christmas - but less than one in ten have taken advantage of Government rules that allow them to make tax-exempt awards. A survey of 1,500 UK workers and business leaders has found that the majority are unaware of HMRC's Trivial Benefits Allowance, despite the fact that 83% of British bosses would like to give [...]

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    Generally speaking, you can’t claim a tax deduction against your business profits for the cost of buildings or structures, but there are exceptions. When does a building qualify for capital allowances and when are you entitled to make a claim? Is it a building? Any accountant will tell you that it’s one of the most contentious issues in tax: whether a structure is a building or a piece of [...]

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    There are tough rules to prevent directors overusing loans from their companies and trying to get the most from a tax-free loan.  However, it’s possible to have tax-free personal use of your company’s money for up to 21 months. How is it done? Company loan recap If you borrow money from your company there are two possible tax charges. The first is for you on a benefit in kind (BiK), but [...]

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    Usually if you buy equipment which is used for private as well as business purposes HMRC expects you to scale down the amount of VAT you reclaim. How can you ensure are recovering more VAT on IT equipment and thereby maximising your claim? The same but different HMRC has struggled over the years to keep its VAT guidance on mobiles and IT equipment up to date. Changes in technology have meant [...]

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