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30 January 2013

Does a loss-making rental property need to be declared to HMRC?

on Wednesday, 30 January 2013.

I have been asked this question many times over the years: If a second property is rented out but makes losses, does it need to be declared to HM Revenue & Customs?

In this month’s Q&A we take a look at the rules and also set out the potential benefits of declaring a loss-making property by preparing a self-assessment tax return.

30 October 2012

What is flat rate vat and could i benefit?

on Tuesday, 30 October 2012.

I am often asked about flat rate VAT by business owners, and whether or not they could save by switching to this method of accounting for VAT.

Flat rate VAT is an alternative method of accounting for VAT, available to businesses with a turnover (excluding VAT) of up to £150,000 per annum.

27 September 2012

Can i claim corporation tax relief on goodwill amortisation?

on Thursday, 27 September 2012.

When a company buys an existing business it will invariably pay a sum to purchase the goodwill of that business, and this asset must be amortised (written down) each year in the accounts.

The goodwill of a business is essentially the value of its brand, reputation and customer base.

27 July 2012

Working from home – what are the capital gains tax implications?

on Friday, 27 July 2012.

Working from home is becoming increasingly popular and it is possible to offset some of the costs to reduce income tax, but what about the capital gains tax implications?

You may have heard people say that it is better not to claim any home-working costs for income tax purposes as it can lead to losing part of the CGT exemption which usually applies when you sell your home (known as Principal Private Residence relief).

27 June 2012

Buying equipment: how much annual investment allowance will i get?

on Wednesday, 27 June 2012.

On 1 April 2012 the Annual Investment Allowance (AIA) available for purchases of plant and equipment dropped from £100,000 per annum to £25,000 per annum.

This month’s Q&A looks at the AIA which gives a 100% allowance on new assets, and how a quirk in the rules can reduce the AIA significantly for capital purchases after 1 April 2012 in some cases.
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The Mill, Pury Hill Business Park
Alderton Road, Towcester
Northants, NN12 7LS

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