If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. Use of home for business purposes If the amount of space you use is limited […]

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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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Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance: You may be able to reclaim all the VAT on a new car if you use it only for business. The car must not be available […]

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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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When you reach the State Retirement Age (SRA) you stop paying Class 1 National Insurance contributions (NIC) if you are employed, and Class 2 contributions if you are self-employed. You will still have to pay Class 4 NIC – the most significant self-employed NIC charge – for the entire tax year during which you reach the SRA. […]

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