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Monthly Archives: July 2016

Buy-to-let landlords expenses

When you work out your taxable rental profit you can deduct allowable expenses from your rental income. The expenses must be wholly and exclusively for the purposes of renting out the property. This means that if an expense wasn’t incurred … Continue reading

Posted in Business

Do not forget to pay your tax

The 31st July is rapidly approaching. If you are registered for self-assessment, make sure you pay the second instalment for 2015-16, that falls due on this date, unless no payment is due. If you are self-employed, and if you are … Continue reading

Posted in Business

Why record business mileage

If you are self-employed, either as a sole trader or in partnership, and you use a business vehicle for private purposes, HMRC will seek to disallow any motoring costs, petrol etc., and capital allowances based on the purchase cost of … Continue reading

Posted in Business

Interest rates to fall

In the immediate fall-out after the Brexit vote it was rumoured that interest rates would fall when the Bank of England Monetary Policy Committee (MPC) met on the 13th July. Following the meeting, Mark Carney announced that interest rates would … Continue reading

Posted in Business

15% corporation tax

George Osborne has floated the idea that the UK could reduce corporation tax to 15% or lower in an attempt to make the UK the place to do business. By making this surprise announcement at the beginning of the month, … Continue reading

Posted in Business