Property owners often incur costs for repairs, and understanding which costs can be deducted is important when calculating taxable property income.
You can generally claim tax relief for repairs carried out on a property business, provided the cost relates to restoring or maintaining the property
If your company makes a trading loss, it may be able to claim relief to reduce its Corporation Tax liability. Trading losses can often be used in different ways, depending on your company’s circumstances.
A company may be able to use a trading loss against profits from the same accounting period,
Cyber-crime is no longer a problem faced only by large organisations. Small businesses are increasingly being targeted because criminals often assume they have fewer security measures in place. A successful cyber-attack can disrupt operations, damage customer confidence and result in significant
Artificial intelligence (AI) is no longer just for large organisations. Many small businesses are now using affordable AI tools to reduce administration, improve customer service and free up valuable time to focus on growing their business.
The key is to use AI as a business assistant rather than a
If you are already registered for Making Tax Digital (MTD) for Income Tax, it is important to ensure you are ready for your first quarterly update deadline. Unlike a traditional self-assessment return, MTD requires you to keep digital records and submit regular updates to HMRC throughout the
Providing benefits and covering expenses for employees is a common part of running a business, but it is important to understand the tax implications. A benefit that appears simple or low value could create unexpected reporting obligations or result in additional tax and National Insurance
Most individuals can earn interest from their savings without incurring a tax liability thanks to a number of allowances available each tax year (from 6 April to 5 April). These include your Personal Allowance, the starting rate for savings, and the Personal Savings Allowance, with the amount you
If you are selling shares or other investments, you may incur Capital Gains Tax (CGT) on any profit, or ‘gain’, you make. You will need to work out your gain to determine if you need to pay tax, which depends on whether your total gains exceed your CGT allowance for the tax year.
You usually pay
If you have invested in a new commercial building or carried out significant renovation work, you may have overlooked a valuable capital allowance. The Structures and Buildings Allowance (SBA) provides tax relief on qualifying capital expenditure incurred on certain new non-residential structures
If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred wholly and exclusively for the purposes of your business.
Typical business expenses that can be