The tax legislation states that a deduction from rental profits is allowable for expenses incurred ‘wholly and exclusively’ for the purposes of the business. This short and general provision has resulted in uncertainty and case law disputes between taxpayers and HMRC over the years.

As the festive season approaches, it’s crucial to ensure that the joy of your staff Christmas party doesn’t lead to unexpected tax liabilities. Here’s a quick guide to potential tax pitfalls and how to navigate them:

Growth: No recession, 110 measures to be put in place. The Office of Budget Responsibilities (OBR) says this will raise business investment, reduce inflation, and get more people back into work.

It is a valuable inheritance tax (IHT) relief, allowing certain types of business assets to be passed on 100% IHT-free. There is also a 50% rate of relief for other eligible business assets that do not qualify for the 100% rate.

The process of restoring a dissolved company in the UK can vary depending on the specific circumstances and the duration since the company’s dissolution. Below are the general steps for restoring a dissolved company:

Group Relief is a tax provision that allows companies within the same corporate group to share tax losses and certain other tax attributes. In essence, it enables profitable group members to offset their profits with the losses of other group members, reducing their overall tax liability.

In our interconnected world, it’s increasingly common for individuals to have income sources or financial assets located globally. These may include foreign employment, rental income from properties abroad, dividends from foreign investments, or even pensions from overseas employers.

Contributing to a pension scheme is a smart financial move that not only helps secure your retirement but also comes with valuable tax advantages. When you make contributions to a registered pension scheme, you have the opportunity to benefit from tax relief, which effectively boosts your savings.

Receiving gifts or assets from parents who are not UK residents is a common scenario, especially in today’s interconnected world. While such gifts can be a source of financial support or a way to pass on family wealth, it’s essential to understand the potential inheritance tax consequences.

Child Benefits are payments made by the government to support parents or guardians in raising their children. These payments are typically made on a monthly or weekly basis and can provide essential financial assistance for families.