Articles Tagged ‘Financial planning’

"Rent a room" relief to continue for Airbnb landlords

RWBairbnb_taxplanning

Last year HMRC carried out a review of "rent a room" relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent.

Are you aware of the latest tax exemptions? 

A quick reminder: Reporting expenses and benefits

 

Reporting benefits and expenses provided to employees

HMRC has recently updated its toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of significant recent changes in this area.

HMRC toolkits are designed to help minimise the risk of errors in returns and computations and their use, although voluntary, will be taken into consideration in determining whether or not reasonable care has been taken in the completion of a return such as a form P11d reporting expenses and benefits.

A staff summer party can be a tax-free benefit!

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Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied.

Are you maximising your benefits?

Are you ready for Brexit?

As the media coverage of brinkmanship and negotiation with the EU reaches fever pitch, business owners are pondering the realities of the country's impending departure from the EU. This huge political event will influence our economy and way of life, but how will it affect you and how you run your business, and are you ready for the change? Read our latest article to find out more...

Buying new business equipment before 6th April? You could be entitled to Tax Relief

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Your business year end, not 5th April, is relevant for capital allowances purposes. However, if you are running a business and making up accounts to 31st March or 5th April, you should consider buying plant and machinery to take advantage of the Annual Investment Allowance (AIA). Read more to find out how you could be entitled to tax relief.

Buying new equipment for your business before 6th April 2020?

RWB_Buying_New_Equipment_For_Your_Business_Before_6th_April_2020

Your business year-end, not 5th April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). Read on to find out more...

CGT letting relief restriction

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Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence.

Read on to see how it works. 

CGT private residence relief changes

RWB_CGT_Private_Residence_Relief_Changes

Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. 

Read on to find out more. 

CORONAVIRUS: Current Status of the Coronavirus Job Retention Scheme (Furlough)

RWB_Blog_Coronavirus_Covid-19_2021

In response to the challenges faced by businesses due to the pandemic, the government has introduced a scheme to help employers keep jobs open for employees and keep a wage coming in where the business may have had to close temporarily or the amount of work the business can do has decreased.Read our latest article below to understand the latest updates to the scheme...

CORONAVIRUS: HMRC may allow tax refunds for anticipated company losses

RWB_HMRC_May_Allow_Tax_Refunds_For_Anticipated_Company_Losses

HMRC have recently announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended and the corporation tax return has not been submitted. This will be available to companies of all sizes but they will be required to provide evidence to support the claims. Continue reading our latest article to found out more...

CORONAVIRUS: Job Retention Scheme

RWB_Blog_Coronavirus_Covid-19_Job_Retention_Scheme_2020

On Friday 20th March the Chancellor, Rishi Sunak, set out a package of measures to support public services, people and business through the disruption caused by the COVID-19 virus.  Further measures were announced on 26 March to support the self-employed.

CORONAVIRUS: More details on the Self-Employed Grant Scheme

RWB_Blog_More_Details_On_The_Self-Employed_Grant_Scheme

Like the Coronavirus Job Retention Scheme (CJRS) for employers, the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy... Read our latest article to find out the latest updates for the Self-Employed Grant Scheme...

CORONAVIRUS: More time to pay tax due on 31st January 2021

RWB_Blog_More_Time_To_Pay_Tax_Due_On_31st_January_2021

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. Read our latest article to find out more...

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