Tax Insights

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…

If you are VAT registered and receive gratuities from your customer (eg, you may own your own restaurant, or a hairdresser's salon) there is no need to pay VAT on…

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&B are 2 small hotels with almost identical financials. In the last financial year both made sales of £130,000 (ex VAT), and both incurred vatable expenses of £8,000 (ex VAT)…

Stan is a widower, and dies on 30th December 2020. His wife died 3 years earlier leaving all her estate to him. Stan’s estate is worth £1.6m, and comprises his…

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…

If you receive a VAT invoice for booking agent commissions from a UK based agent it will itemise the VAT you have been charged and, provided you are VAT registered,…