Newsletters
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Pros and cons of charging your company rent
If you own your business’s trading premises, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT?
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Tax deduction for a gifted asset?
You received a smart new laptop for Christmas which you’ll use for work. Even though it cost you nothing can you claim a tax deduction in respect of the business use?
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Tax codes - how important are they?
If you’re a director or employee HMRC adjusts the tax you pay on your salary by changing your tax code. At any one time it’s estimated that more than one in three codes are incorrect. Sounds bad, but does it really make much difference?
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How much VAT can you claim on mixed use assets?
Your business is buying two assets, a yacht and a motorbike, which will both have business and private use because they will be available to staff and directors for leisure trips. How much input tax can you claim on these purchases?
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Cash basis accounting - what’s the latest?
The cash basis of accounting is to become the norm for unincorporated businesses when calculating profits for tax purposes. What steps do you need to take to prepare for the change and what impact might it have on your tax bills?
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Tax reliefs and deductions - know your (time) limits!
Strict time limits apply to claims by individuals and businesses for tax deductions and reliefs. What are the key dates you need to know to ensure you don’t lose your entitlement to them?