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?
The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14.
Are you maximising your child benefit entitlement?
Following the introduction of workplace pension in 2017, employers and employees are required to contribute to a pension scheme.
Changes to the contribution limits applied from 6th April 2019, are you prepared?
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.
When a barrister ceases trading, either through retirement, appointment or election to become a judge or a change in vocation or profession, the profits accessible in the final tax year (whether calculated under a Cash Basis or Earnings Basis) of practice will be those arising in the period beginning immediately after the end of the basis period for the preceding year and ending on the date of cessation.
In the latest in our series of articles on barrister accounts, we take a look at the different ways to handle your accounts when you are due to retire or choose stop trading as a barrister for any reason.