Rent a room relief The relief given has a new test for ‘shared occupancy’. This means that the lessor must be living in the property for some of the letting period, so letting out your home while you are on holiday for example will no longer attract the relief from April 2019. Entrepreneurs’ relief Entrepreneurs’ […]
Making Tax Digital is HMRC’s move to digitise tax. Making Tax Digital (MTD) was first announced by the government in 2015 as an initiative to improve the effectiveness and efficiency of the UK tax system, and reduce its complexity. As of 1st April 2019, HMRC will require you to submit VAT returns using accounting software, […]
If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses. Example ‘Your turnover is £40,000, and you claim £10,000 in allowable expenses. You only pay tax on the remaining £30,000 – known as your taxable profit.’ […]
Spouses often hold rental property jointly, and where this is the case, rental profits and losses are treated as arising to them in equal shares. If one spouse pays tax at a higher rate than the other it may both desirable and possible to improve the ‘family’ tax position by means of the spouse who […]
Why Outsource? Sutton McGrath Hartley has administered payrolls since 1995 so we are confident in our abilities and experience. By outsourcing to us your business could benefit from the following: Cost savings on both wages & software Professional payroll expertise Reduced risk through PAYE/HR compliance Improved audit trails Moving your payroll administration to Sutton McGrath […]
APR is an Inheritance Tax relief that is based on the agricultural value of qualifying agricultural property when it is transferred, either in lifetime or on death. Provided such property is situated in the UK, Channel Islands, the Isle of Man or the European Economic area, the following assets may qualify for APR: agricultural land […]
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