If your company makes a trading loss, it may be able to claim relief to reduce its Corporation Tax liability. Trading losses can often be used in different ways, depending on your company’s circumstances. A company may be able to use a trading loss
Property owners often incur costs for repairs, and understanding which costs can be deducted is important when calculating taxable property income. You can generally claim tax relief for repairs carried out on a property business, provided the cost
Married couples and civil partners are taxed separately for Capital Gains Tax (CGT), meaning each person has their own annual tax position. However, with careful planning, transferring assets between spouses or civil partners can sometimes help
If your business is VAT registered, you can usually reclaim VAT on many of the goods and services you buy for business purposes. However, many businesses fail to claim everything to which they are entitled and may be able to recover more VAT. You
Not every hobby becomes a taxable business, but it is important to be aware when this can happen. This can apply even if you are making some money from your hobby. HMRC looks at a range of factors to decide whether an activity is a genuine trade,
Businesses must register for VAT if their taxable turnover exceeds the VAT registration threshold, or if they expect it to exceed the threshold in certain circumstances. The VAT registration threshold is currently £90,000. The threshold applies to
Artificial intelligence (AI) is no longer just for large organisations. Many small businesses are now using affordable AI tools to reduce administration, improve customer service and free up valuable time to focus on growing their business. The key
Cyber-crime is no longer a problem faced only by large organisations. Small businesses are increasingly being targeted because criminals often assume they have fewer security measures in place. A successful cyber-attack can disrupt operations, damage
If you are self-employed, claiming all of your allowable business expenses can reduce your taxable profit and, in turn, the amount of Income Tax you pay. Allowable expenses are costs that are incurred wholly and exclusively for the purposes of your
If you have invested in a new commercial building or carried out significant renovation work, you may have overlooked a valuable capital allowance. The Structures and Buildings Allowance (SBA) provides tax relief on qualifying capital expenditure
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