by ClearwaysAccountants | Jun 28, 2018 | Business tax, Contractor, Personal tax, Tax Tips
With changes in the personal allowance, basic rate band, NI threshold and dividend allowance, it is easy to lose track of whether a director working in their own service company would be better paying a larger salary compared to small salary and dividend. Let’s...
by ClearwaysAccountants | Mar 7, 2018 | Landlords, Pay, Expenses & Benefits, Tax planning, Tax Tips
Taxation of rental property income From 6 April 2017 mortgage interest is no longer fully deductible as an expense against property income. Gradually over the next four years the amount of interest deducted against income is reducing and instead relief is obtained at...
by ClearwaysAccountants | Jan 10, 2018 | Contractor, Pay, Expenses & Benefits, Tax Tips, VAT
When you incur VAT on European business expenses you cannot reclaim the VAT through your UK VAT return. So what can you do? If you meet the requirements you may be to reclaim the EU VAT through the UK VAT portal. Those conditions are: You must be VAT registered in the...
by ClearwaysAccountants | Jun 14, 2017 | Contractor, Personal tax, Small business advice, Tax planning, Tax Tips
Tax planning with interest income The taxation of interest income is getting very complicated with both a Savings Starting Rate Band (“SSRB”) and a Personal Savings Allowance but this complication also bring opportunities. So how is interest taxed at the...
by ClearwaysAccountants | May 24, 2017 | Contractor, Tax Tips
Should you operate your residential property business through a limited company? Until recently there was little incentive to own a buy-to-let property through a limited company, however the new restrictions on interest start to bite in 2017-18 with their full force...
by ClearwaysAccountants | Nov 16, 2016 | Business tax, Contractor, Setting up a Business, Small business advice, Tax Tips
When setting up a business you have several options on what trading structure you use. See our blog on being a sole trader. Here we look at setting up a limited company and what you need to consider. Another option apart from setting up as self employed (as a sole...
