The property allowance is, in effect, two reliefs being both an exemption from tax and a minimum deduction in calculating letting profit. It applies to all types of lettings whether UK or overseas including commercial rental income but excluding furnished holiday lets.
Read more…Allowable pre-letting expenditure
2 minute read.
Most expenditure incurred by a landlord will be allowable at sometime whether as capital (where it is deductible in the capital gains tax computation on disposal) or as a business (revenue) expense against rental profits.
Read more…Tax advice for accountants
2 minute read.
As an accountant or tax adviser, you’ll often face tricky cases where an expert opinion is appreciated. At Tax Insider we believe that tax advice for accountants should be affordable and easily accessible.
Read more…TaxationWeb roundup January 2020
2 minute read.
Have a read of the best forum queries, news and articles on our partner website TaxationWeb.
Read more…Off-payroll working: Forthcoming ‘attractions’
7 minute read.
This article was first published in Tax Insider Professional in August 2019.
Sarah Bradford outlines the recent consultation proposals and sets out what clients can do to prepare for the off-payroll working changes to be introduced in April 2020.
Read more…TaxationWeb Roundup December
2 minute read.
Have a read of the best forum queries, news and articles on our partner website TaxationWeb.
Read more…‘Loyalty bonus’ payments to investors were annual payments
8 minute read.
Loyalty bonus payments by a platform service provider to investors were liable to the deduction of basic rate income tax at source as being qualifying annual payments.
TaxationWeb Roundup November
2 minute read.
Have a read of the best forum queries, news and articles on our partner website TaxationWeb.
Read more…Taxpayer was not a partner in a partnership
4 minute read.
The taxpayer was not liable to penalties for the late filing of partnership tax returns, as he was found on the facts not to have been a partner in a partnership.
Read more…Cash basis vs accruals basis for landlords
10 minute read.
This article is from our monthly tax newsletter Tax Insider Professional.
Lee Sharpe looks at the recently-introduced cash basis of assessment applicable to landlords.
The cash basis for property businesses was introduced via F(No 2)A 2017 Sch 2, and its effect is felt liberally around ITTOIA 2005 Pt 3, dotted mainly around ITTOIA 2005 ss 271A–276A, and ITTOIA 2005 ss 307A–307F.
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