Articles Tagged ‘Taxation’

"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?

Barrister accounts FAQs: Guidance for pupils and new barristers

Barrister Chambers

As part of our series of Barrister FAQs, we’ve looked at a range of accounting issues that are specific to Barrister accounts. This time we focus on pupils and new Barristers.

We understand that when you are new to the Bar, accounting options can be daunting and decisions you make in your early career can have significant implications later on, such as choosing your year end. Our specialist barrister teamcan talk you through your options.

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

RWBimage_taxplanningequipment

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

RWB_CGT_Letting_Relief_Restriction

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. 

Dividend payments - Do you need to pay more tax this January?

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers there will be more tax to pay on those dividends on 31 January 2018.

Do you know how the rate changes affect you?

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

RWB image_Tax planning

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.

HMRC help with Self-Assessment late filing and late payment

RWB_Blog_Tax_Planning

The tax authorities are not known for their leniency; however, the Covid-19 pandemic has hit the world hard and the government has introduced a number of measures to help those who might be struggling as a result. A handful of these measures relate to the filing of self-assessment tax returns and payment of the associated tax bills. Read our latest article below to find out what help is available...

Contact us

Our Location
Northgate House
North Gate
New Basford
Nottingham
NG7 7BQ

Contact Info:
Tel: 0115 964 8888
Fax: 0115 964 8889
Email: enquiries@rwbca.co.uk

Latest Tweets