For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based […]

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Basically, you can claim for most expenses that are incurred wholly and exclusively for the purposes of a trade. Unfortunately, most of the decision making by HMRC on this topic is guided by tax law, which has been inconsistent. That aside, the following will provide you with guidance in areas where the outcome is reasonably […]

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Buy-to-let landlords need to start considering their options, in particular, those who have borrowed heavily in order to build their property portfolio. From April 2017 deductions for finance charges will be progressively reduced and replaced by a 20% tax credit. This will promote a number of landlords into the higher rates of Income Tax and […]

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