Income Tax

Unincorporated landlords letting out residential property are no longer  able to deduct all  finance/interest costs from their rental profits when calculating their tax liability. Instead, individuals can only claim a…

Did you know that you may be able to receive £1000 completely tax free if you receive income from self employment AND/OR £1000 tax free if you receive income from…

From Bowness and Windermere, through Ambleside and Grasmere, and on up to Keswick, the Lake District is an ever popular tourist destination, and therefore home to many quality ‘holiday accommodation…

Specialist accountants for Builders & Tradesmen As a self-employed builder or tradesman the following questions are just some of the questions your accountant should discuss with you: Are you claiming…

A self-employed individual who works from home has 2 choices for claiming a tax deduction for the associated costs: 1.  Claim a monthly fixed rate allowance of between £10 &…

If your business is unincorporated and your business premises are also your home – eg, you run a bed & breakfast, guest house, pub, etc -  working out what is…

Income shifting or splitting is a perfectly legitimate form of tax planning, provided you are careful not to overstep the mark and trigger tax anti-avoidance rules. Most commonly, the basic…

Replacement domestic items relief In 2016 the ‘10% wear & tear allowance’ for residential letting landlords was replaced by a deduction for expenditure on the ‘replacement of domestic items’ (eg…

If you are self employed or in partnership and you make a trading loss, you may be able to reduce your overall tax bill by offsetting that loss against the…

Ordinarily, individuals are taxed only on their personal share of any income or gain that arises from an asset that is ‘jointly owned’ with someone else . However, if you…