Tax Return Adviser Ltd
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How much input tax to claim on mileage payments to staff?
You pay a mileage rate to staff who use their private cars for business trips. How much input tax can you claim on these payments and what records must your employees submit with their expenses claim?
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Is your extra income taxable?
HMRC is getting cannier at detecting and penalising people who make extra income but don’t declare it. With that in mind if you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC?
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Are your repair and improvement costs tax deductible?
Recording expenses relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense?
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Private residence relief - when does home ownership begin?
A couple bought a plot of land and built a new home on it. When they sold it HMRC assessed them for capital gains tax. They appealed and won. HMRC disagreed with the ruling and referred it to the Upper Tribunal (UT). What was the outcome?
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When can you adjust returns for customer refunds?
Your business sometimes issues credit notes but then repays the customer over a longer period of time. You adjust your VAT returns on the date that you issue the credit note but is this correct?
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How to get tax relief for transition year losses
Basis periods have now been abolished for working out tax for unincorporated businesses. Whilst there’s lots of guidance about making the transition from the old to the new rules for profitable businesses, what’s the position if there’s a loss?
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