In common with other types of business, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for the expenses of running a property business. Allowable expenses The general rule is that...
On the 27th October 2021, Chancellor Rishi Sunak unveiled the contents of his Budget in the House of Commons. Setting out the government's tax and spending plans for the year ahead, Mr Sunak said his plans were focused on the...
You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home...
Profits from Private Limited companies attract Corporation Tax, currently at 19% at the time of writing. Business expenditure such as staff wages, supplies, bills etc are deductible from gross profits before the Corporation Tax is calculated. Pension contributions made by the...
As long as HMRC can be satisfied that a business is being run on a commercial basis with a view to making a profit, they will usually allow taxpayers to claim tax relief for a trading loss in one tax...