16 Tax Deductions For Small Business

16 Tax Deductions For Small Business

Every small business owner wants to maximize credit — and there is only one way – by reducing tax. Small businesses are privately owned corporations, partnership or sole proprietor that has fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as “small” in terms…

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Making tax digital

Making tax digital extended to more Businesses

Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled…

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Relief for Interest Costs – Unincorporated business Vs Limited company

Relief for Interest Costs – Unincorporated business Vs Limited company

Most landlords will need some sort of finance in order to invest in property to let out. However, while tax relief for mortgage and finance costs are available regardless of whether the property business is operated as an unincorporated property business or whether it is run through a limited company,…

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Restart Grants and Recovery Loans

Restart Grants and Recovery Loans

As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Restart Grant or a Recovery Loan. Restart Grants The Restart Grant Scheme provides support to help business…

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Claim expenses for additional costs of working from home

Claim expenses for additional costs of working from home

As the 2020/21 tax year draws to a close, many employees will have spent much if not all of the last year working from home. While the tax system enables employers to pay employees a tax-free allowance of £6 per week (£26 per month) to cover the additional household costs…

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