Most buy-to-let property investors with capital repayment mortgages (as opposed to interest-only mortgages) are surprised to learn that they cannot deduct the mortgage payments in full when working out the income from the property for tax purposes.
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Usually asserted to an accountant in an attempt to justify a claim for tax relief on a dubious expense, in most cases the statement is either wrong or misleading. Here are some possible explanations.
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An explanation of the important difference between expenses and bank payments and receipts for business and tax purposes.
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Whether a self-employed sole trader needs to use a separate business bank account to run the business.
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At this time of the year, many owners of small limited companies want to know the maximum amount that they can pay themselves in dividends in the current tax year, before having to pay any higher rate tax.
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With the Christmas season fast approaching, we would like to remind all employers about the possibilities for entertaining the company employees (which includes directors), while getting full tax relief.
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“I have a full-time job, but I have started doing some self-employed work in my spare time. What do I need to do about my taxes, how much tax will I have to pay, and when?”
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What with mortgage interest, repairs and empty periods to deal with, most buy-to-let property investors sometimes make a rental loss on their property. They then want to know whether they can claim any sort of tax refund or tax relief on that loss.
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As investing in buy-to-let rental properties has become more popular, we are often asked whether it is better to own such properties personally or through a limited company.
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Now that the new CIS (Construction Industry Scheme) has been running for 6 months, HMRC will start to charge penalties for non-compliance with the scheme.