Some accounting tips
If you’ve provided taxable benefits and expenses to your employees this year you will need to let HMRC know by 6 July 2021. Some benefits are exempt, and there are a number of temporary Covid-19 specific exemptions that apply for the 2020/21 tax year. Read more below.
The Employment Allowance is not available to companies where the sole employee is also a director. This rules out most personal companies. However, family companies with more than one employee are able to claim. Read more here.
Tax relief for mortgage and finance costs are available regardless of whether your property business is operated as an unincorporated property business or run through a limited company, however the mechanism and extent of the relief differ. Today’s blog covers some quick examples to illustrate the difference.
Where estates including a property are sold post death, the issue of whether a capital gains tax liability arises will need to be considered. In certain situations, a post-death disposal by the personal representatives may benefit from the main residence exemption. Find out more below.
Don’t get caught out – if you transfer assets, normally property, to someone deemed as a ‘connected person’ you might receive an unwelcome tax bill even if you’ve not received a penny for the transfer. We go through a case study to demonstrate how this tax trap works.
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Grants are available for self-employed individuals until September 2021. If you missed out on the first grants, you may now be eligible to claim. We explain the criteria for the next two grants and when you’ll be able to claim.