With less people holidaying overseas the demand for UK holiday lets has soared. They also seem to have taken on a mythical status in the tax world due to some of the more generous ways that the tax system deals with them. So let’s quickly take a look at some of […]
The entertaining of clients, customers and staff has always been an important part of business strategy. It can help to strengthen and maintain client relationships and improve staff morale and loyalty. But alongside this are important tax considerations. What is entertainment? Essentially, it is hospitality of any kind. This […]
The end of a relationship, particularly divorce is difficult for so many reasons, but you may not realise that divorce and the end of a marriage or civil partnership, could lead to tax complications. Most people know that transfers of assets between married or civil partnered couples are free […]
Capital allowances are one of the most complex areas within UK tax legislation. A lot of the rules originally came from case law until the various decisions were legislated within the Capital Allowances Act of 2001. Broadly speaking, capital allowances are a tax-approved form of depreciation. Whereas accounting principles allow […]
Many of us buy clothing that, in reality, we only wear for work – and we are often asked if the cost of these clothes can be set against the tax bill. The short answer is no: HM Revenue & Customs is adamant that such expenditure has a purpose not […]
Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT Relief On Bad Debts There are detailed instructions for VAT relief on bad debts which is set out […]
There are numerous accounts of tax officers trying to tax the provision of tea and coffee for employees, and whilst some of these amount to an urban myth, the tax rules about providing a bacon (or vegan alternative) sandwich for your employees as a trivial benefit are not straightforward. HMRC […]
Allowable Expenses is a fitting subject to start with as a significant proportion of our queries stem from this. The rules about which expenses can be justifiably claimed for tax purposes are opaque and differ from the accounting rules. There are different rules depending on whether you trade through a […]
