Claiming legal and financial costs
The self-employed are often concerned as to whether an expense is allowable for tax purposes. As a general rule, the self-employed can deduct running costs of the business when
Property owners’ lose 50% of higher rate tax relief on finance costs
Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords is being gradually restricted to the basic rate of tax. Many
Payments made to son not a wage
A recent First-Tier Tribunal case examined whether a father’s payment of wages to his son was an allowable expense. We learn that the appellant in this case made a number of
New advisory fuel rates published
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in
What to do if you have stopped work
HMRC issues some helpful guidance that covers what you need to do if you stopped work. The guidance covers the main reasons that you might have stopped work such as being made
10.7m tax payers filed before the deadline
HMRC has issued a press release detailing the number of online filings made for the 2016-17 self assessment returns. The use of the online service continues to grow year on year.
Income from selling services online
Many taxpayers supplement their income by selling services online. This is often known as the ‘sharing economy’ or the ‘peer-to-peer economy’ and usually involves taxpayers renting
A reminder to consider a carry back of charitable contributions
Donations to charity over the course of a tax year can add up and taxpayers must ensure they keep a proper record of all donations to record them on their tax return. Donations
Reasonable excuse for late filing of your tax return
Taxpayers that have not yet filed their 2016-17 self-assessment returns will have been charged an automatic £100 penalty for late submission. The penalty applies from 1 February
Did you file before the deadline?
HMRC revealed that, as of 24 January 2018, there remained over 3 million taxpayers who had not yet submitted their 2016-17 self-assessment returns. This left a lot of people with a