Tax Planning for Residential Landlords

Tax Planning for Residential Landlords Planning to take advantage of low interest rates? After a challenging year for the UK’s residential landlords, you might have read about improvements to the buy-to-let mortgage market in recent weeks. In the three months to 31 May 2021, the average interest rates for residential landlords had declined. A two-year …

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The Pro’s and Con’s of a Company Electric Car

The Pros & Cons of a Company Electric Car  Should employers shift towards greener vehicles? Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer.  Those employers familiar with the benefit-in-kind tax rules will be aware the tax …

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UK Tax Incentive ‘Fails to Deliver Extra R&D Spending’

UK Tax Incentive ‘Fails to Deliver Extra R&D Spending’ The UK’s research and development (R&D) tax credit system is failing to prompt companies to increase spending and could prove a “costly failure”, a report claims.  The Centre for Business Research (CBR) said aggregate business expenditure on R&D in the UK is as much as 15% …

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OTS Considers Bringing the End of the Tax Year Forward

OTS Considers Bringing the End of the Tax Year Forward The Office of Tax Simplification (OTS) is to explore changing the end of the tax year from 5 April to either 31 March or the end of the calendar year. The OTS published a document last month setting out the scope of a review into …

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Sweeping VAT Reforms in the EU will Affect the UK’s Online Retailers

Sweeping VAT Reforms in the EU will Affect the UK’s Online Retailers Retailers that heavily rely on online sales to EU consumers need to comply with VAT reforms, which were introduced on 1 July 2021. The new rules were originally designed to stop an estimated €7 billion in annual VAT fraud by non-EU ecommerce sellers, …

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Deadline Approaches for SME Brexit Support Grant

Deadline Approaches for SME Brexit Support Grant Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund offers eligible UK traders grants of up to £2,000 to access practical support, …

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HMRC Seeks to Remove VAT Repayment Supplement

HMRC Seeks to Remove VAT Repayment Supplement The 5% VAT repayment supplement is set to be replaced with the 0.5% repayment interest rate for accounting periods beginning on or after 1 April 2022.  VAT repayments are usually made within 30 days of HMRC receiving a business’s VAT return, but the tax authority can enquire into …

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Costs You can Reclaim on the Business

Costs You can Reclaim on the Business Allowable expenses and allowances in 2021/22. If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses.By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your …

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