Tag Archives: tax advice durham

Tax Changes for Furnished Holiday Let Property Owners

FHL tax changes

There are proposed changes to the tax rules relating to Furnished Holiday Let (FHL) accommodation.   For many years taxpayers who own holiday homes which are let out to the public on a commercial basis have benefitted from numerous tax reliefs, providing they meet the conditions of a “Furnished Holiday […]

Navigating the Complexities of Business Tax

Running A Limited Company Guide

Taxation is a critical aspect of running a business, and understanding its complexities is essential for limited company owners. Our comprehensive guide ‘Running a Limited Company: A practical guide for business owners’, provides a breakdown of key business tax considerations, including dividend tax, VAT, National Insurance Contributions (NICs), Corporation Tax, […]

eXtortion / Extortion – ransom payments

Xtortion

The question is:  Are ransom payments made by a business to access its IT systems tax deductible? Everyday more and more news reports highlight the threat ransomware and cyber terrorism impose on our institutions and businesses.  Workplaces are increasingly dependent upon IT systems and infrastructure and data breaches have a […]

Tax Planning

year end tax planning

The UK tax year runs from 6 April to 5 April of the following year. Here are some end of year tax planning tips: Make use of ISA’s – these accounts allow you to save and invest tax-free so consider making use of your ISA allowance before the end of […]

Repairs and Renewals

repairs and renewal

Repairs and Renewals   A distinction is drawn between repairs and improvements when considering if tax relief is available.   The general rules are that:   Expenditure on restoring an asset to its original state is revenue in nature and so allowable in calculating taxable trading profits; and   Expenditure […]

Normal Expenditure out of Income

normal expenditure

In our previous blog, Inheritance Tax Exemptions – Christmas is a time for giving, we explained some of the main exemptions available to reduce your estate and any IHT liability it may attract. One such exemption, which is potentially the most valuable, is that of “Normal Expenditure out of Income”. […]

Mobile Phone, Landline and Broadband tax considerations

mobile phones tax

With the digital age well and truly upon us, along with the introduction of agile working during the pandemic, more and more employers need to provide their employees with the correct tools to carry out their work. One such tool is that of communication, whether that entails texting a colleague […]

Land and Property

Land and Property

Land and property are usually the most expensive assets a person will own throughout their lifetime, whether it is their home, their business premises, or even a holiday getaway in the country. As a result, they often attract the largest tax bills a person might have to pay.   These […]

Inheritance Tax Exemptions – Christmas is a time for giving

Inheritance tax exemptions

With Christmas fast approaching you may be stuck for ideas of what to get your nearest and dearest. If the idea of spending a day walking around a busy shopping centre fills you with dread, you may want to consider a cash gift instead. But before you go reaching for […]