Articles Tagged ‘Tax 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 staff summer party can be a tax-free benefit!

RWBsummerparty_taxplanning

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?

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.

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

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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. 

Don’t miss the Self Assessment deadline – hire a bookkeeper

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It might seem a simple case of doing a few sums but keeping on top of your paperwork takes time and accuracy. It’s not just about processing receipts, sales invoices and expenses and entering them into an online, cloud-based software package such as Xero, it is also about knowing how. For sole traders and the self-employed, 31 January is forever circled on the calendar, for that is the deadline to file a Self-Assessment tax return. 

Are you prepared?

Extraction of profit from your family business

RWB image_Tax efficiencies for family businesses

A new tax year brings with it new challenges for directors of family companies as they consider how best to make tax efficiencies when it comes to paying themselves. Read on for things to consider when extracting profit from your family business.

Have you personally planned for your year end?

RWBcalculator_Tax planning

It’s coming to the end of the tax year, so it is a good time to look at your personal finances and make a plan to maximise benefits from your personal tax allowance, pension contributions and capital gains.

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