Interest paid on loans used for qualifying businesses purposes should be eligible tax relief and can save up to 45% of the cost of the interest. The repayment of the capital element of a loan is never deductible for income tax relief purposes. However, interest paid on loans to a…
Continue Reading
The rent-a-room scheme allows those with a spare room in their home to let it out furnished and to receive rental income of £7,500 tax-free each year without the need to declare it to HMRC. Where more than one person receives the income, each can receive £3,750 tax-free. The limits…
Continue Reading
You can change your company’s year end (also known as its ‘accounting reference date’) to make your company’s financial year run for more or less than 12 months. However, you can only do this for your company’s current financial year or the one immediately before it. Please note that changing…
Continue Reading