This is a great question and it comes up a lot! Strictly any costs have to be able to meet the “wholly and exclusively” test just like any other deduction. So, again strictly, this would mean the costs associated with preparing financial accounts for a business would be allowable BUT preparation of your personal […]
Category Archives: HMRC and Policy
Every year a staggering amount of people get fined for not submitting their tax returns. This year was no exception. HMRC have published the numbers here. Not surprising the highest volume of returns was received in the last working hour of the tax year with 732,498 returns going in between 4pm and 5pm. What now […]
A lot of lenders offer cashbacks on mortgage deals. Are these taxable? The answer is simply that you think and makes complete sense. The business income manuals (part of HMRC internal guidance – publicly available however) states at BIM100210 that: “A cash-back received in the course of trading is a receipt of the […]
We’re told that in the information age that any answer you need is out there and you just need to find it. Is that really the case though? Elon Musk of all people has said in recent years there is no reason not to be able to learn new skills now due to the abundant […]
I don’t put much stock into the tax news shared by pundits but sometimes they do realise important issues. Martin Lewis has hit the news over recent days warning that websites are now sharing data with HMRC. He mentioned Air BnB. This isn’t new however. Air BnB, along with other bookings portals and regular hughstreet […]
The incorporation of properties seem to follow two basic steps at the moment. For capital gains tax the question about whether you can defer your capital gains tax is about how busy you are. If you have a larger oircfolio and self manage every aspect then there is a chance you will be. The next […]
If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don’t agree returns. We have a system of self assessment. That is you calculate and report your tax position. That’s it. That […]
If you are waiting for HMRC to send you an acknowledgment that they agree your tax return you will be waiting a long time. Why is that? Classic public sector tardiness? Nope! They don’t agree returns. We have a system of self assessment. That is you calculate and report your tax position. That’s it. That […]
If, like most people, you jump to Google every year to figure out how to pay your tax maybe do it different going forward. I’ve mentioned the HMRC App before but on 31st January, the day when more people pay tax than any other day, it’s worth a quick mention again. Why? Well you can […]
When you sell a property the proceeds are normally fairly easy to establish. What if the property was inherited though? What is the deemed cost? Well it’s actually easier than you think. The value of the property at the date of death of the person that left it to you will be your deemed cost. […]