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[12 Feb 2016 | Comments Off on Wriggle Room and Late Filing Penalties | ]
Wriggle Room and Late Filing Penalties

Do you have a penalty notice from HMRC relating to the late filing of a 2013/14 or 2014/15 Self Assessment tax return?
Then you may be interested in a working practice which HMRC introduced recently, because they don’t have enough staff to check “reasonable excuse” claims. And whatsmore, they have extended the meaning of “reasonable excuse” which used to be limited to things like . .

Death of a close relative
Burglary
Flood

. . . to include a number of lesser reasons which they previously refused to accept. So “reasonable excuse” now includes . …

headline, on the bridge, one offs »

[16 Nov 2015 | Comments Off on Buy To Let – new tax rules | ]
Buy To Let – new tax rules

Two new sets of rules come into force over the next few years.
No more “10% Wear and Tear” allowance
The allowance is being abolished. Starting on 6 Apr 2016, landlords who rent out furnished accommodation will no longer be able to claim the flat rate 10% allowance every year, and instead will be permitted only to claim the actual costs of like-for-like renewals and replacements.
Restriction of loan interest relief
Over a three year period, starting on 6 Apr 2017, the amount of tax relief you can claim for loan interest paid, will …

one offs »

[8 Aug 2013 | No Comment | ]
Pre Trade Expenses

I’ve only just registered my business, can I claim pre trade expenses which I paid personally?
The basic principal is that “if you paid for something in the knowledge that you were starting a business, and the prime motive for buying this something was to enhance that business, then it is a business expense” and (subject to a three year time limit) you can claim for it. That applies to both goods and services, and in order to claim the full cost you must satisfy both parts of this test, that …

one offs »

[8 Jan 2013 | No Comment | ]
I’ve only just registered for VAT, can I claim back old VAT?

I’ve only just registered for VAT, can I claim back old VAT?
The short answer is “it depends”.
Have you read the general rules in the pre trade expenses article already? Do that first, then continue with this article.
Yes, you can claim for the VAT on goods (and in limited circumstances on services too) provided they:

were purchased within the three years preceding the date of your VAT registration
are still in the possession of the business on the date of your VAT registration
are actually used in the course of the business; and
satisfy the …

routine »

[8 Feb 2012 | No Comment | ]
What is a business expense?

In order to establish what is a business expense, first we need to know “what is a business”?

A business is “an activity which is earnestly pursued with the objective of making a profit” as set out in the case of Customs and Excise Commissioners v Lord Fisher 1981.
And so it follows that a business expense is a cost which is incurred in order to increase the chances of that activity making that desired profit. If the primary purpose of incurring an expense is not to help the business to make …

on the bridge »

[9 Dec 2009 | No Comment | ]

You can link directly to this article using the short URL http://bit.ly/8QfLLj

Claiming tax relief on the big things

All businesses can claim tax relief on business expenses. That can include items that you bought before the business started! Do you have a laptop, and any other IT kit? Is your office equipped with a desk, a chair and a book case? Here’s a typical list of things that you might be introducing. There may be things on this list that you should ignore, and there may be other special things (in …

routine »

[21 Oct 2009 | One Comment | ]

You can link directly to this article using the short URL http://bit.ly/27bvg8

Pretending you’re an employee again!

If you have ever been employed and had to submit expense claims, you will be familiar with this process. Now that you’re a director of your own limited company, you need to follow the same sort of process that regular employees have to follow. It’s done this way, because you are trying to keep corporate matters corporate and private matters private!
The best thing would be to get all your suppliers to bill the company directly, …