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Paying Dividends – Are They Properly Declared

For many personal and family companies, the most tax-efficient way to extract profits is to pay a small salary and to take anything in excess of this as a dividend. However, in order to benefit from the more favourable tax rates and lack of National Insurance attached to dividends, the dividend must be properly declared.[…] Read more »

Cash Basis For Landlords

Since 6 April 2017, the cash basis has been the default basis for qualifying landlords running an unincorporated property business. Cash basis v accruals basis The cash basis is easier for a non-accountant to understand, as it simply takes account of money in and money out. Income is recognised when it is received, and expenditure[…] Read more »

What Is Making Tax Digital?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HM Revenue & Customs (HMRC) want to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the[…] Read more »

Correcting VAT Errors

Making a mistake in your VAT return is easily done. Maybe you missed something out accidentally or added up some figures wrongly. However, should this happen and you discover that you have made a mistake in a return which you have already filed, don’t panic – it is easy to put things right. Providing the[…] Read more »

Tax Benefits Of Valentine’s Day!

With Valentine’s Day tomorrow, what are the tax benefits of saying “I do” to a marriage or civil partnership proposal? For those planning an engagement announcement, let Alextra bring some practicality to romance and highlight some of the perks in getting married. – Wedding gifts from family and friends can be tax effective. Parents can[…] Read more »

Maximise Tax Relief When ‘Doing Up’ Your Buy-To-Let

Buying a property to renovate and then let out, can be an attractive proposition, particularly where the buyer has the skills to undertake a lot of the work him or herself. However, while the aim is to increase the value of the property and maximise the rental income, the tax implications should not be overlooked.[…] Read more »

Corporate Gains – End Of Indexation Allowance

To date, companies have been able to benefit from relief for inflationary gains in the form of indexation allowance when they dispose of an asset. The indexation relief is deducted in computing the chargeable gain or allowable loss. However, it was announced at the time of the Autumn 2017 Budget that the relief is to[…] Read more »

Mileage Rates For Landlords

In preparation for the introduction of digital recording and reporting, landlords with unincorporated property businesses have been able to benefit from a number of simplifications, including cash basis accounting. A further simplification was announced at the time of the Autumn 2017 Budget, which will allow landlords to use mileage rates to calculate a deduction for[…] Read more »

Taxation Of Savings – What Can You Have Tax-Free?

There is no one answer to the amount of savings income and, for 2017/18, the answer can range from £0 to £18,650, depending on personal circumstance. When looking at tax-free savings, there are a number of elements to take into account: • the personal allowance; • the marriage allowance; • the savings allowance; and •[…] Read more »