Furnished Lets - The Changes
As you will already be aware, for years now a “wear and tear” allowance has been given of 10% of (broadly) the gross rent. This allowance is not related to the actual cost of providing or replacing furniture or other capital items in the let property but has generally been considered a reasonable substitute for [...]
Disguised Remuneration Legislation for LLP members – Does it affect you?
In the past members of an LLP were automatically deemed to be self-employed. As a result, a number of businesses have taken advantage of this to make people (who in normal circumstances would be treated as employees) members of the LLP so as to save employers’ National Insurance. These quasi members/ employees would typically hold little of [...]
Adult Industry- what expenses are tax deductible?
Everything you’ve ever needed to know but not known who to ask…. First the costs you CAN claim against your income; Direct Costs Condoms Lubricant Dry cleaning Linen Room setting Sex toys Lingerie Agency fees Toiletries – if provided (this could also include towels purchased specifically for client use) General Costs/ Overheads Travel to clients [...]
Loans to Directors- What's Changed?
As you may be aware interest free loans to directors made by a company could previously avoid both a BIK charge on the individual and S455 tax on the company by following certain steps. Step 1) Keeping the amount borrowed below £5,000 Step 2) Repaying the loan to the company within 9 months of the [...]