Tax and Business




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Flow chart - student loan repayments Whatever type of student loan you have you're required to make repayments when your earnings reach a certain level. You may have more than one type of student loan each with different repayment stating points and r... Read more
15 Dec 2020
Credits: 1
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Flow chart - tax relief for loan interest An individual is entitled to tax relief against their general income for interest paid on loans or other advances (known as alternative finance) which are used for qualifying purposes. These are limited and s... Read more
15 Dec 2020
Credits: 1
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Flow chart - claiming rent-a-room reliefRent-a-room relief is an automatic tax relief which applies to rent and related income received from letting all or part of your only or main home. The relief exempts income up to £7,500 per tax year. Naturall... Read more
15 Dec 2020
Credits: 1
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Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more
15 Dec 2020
Credits: 1
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Flow chart - reclaiming additional stamp duty land tax If you own a residential property and purchase another, you must usually pay the stamp duty land tax (SDLT) additional charge (also called the higher rate or supplementary charge). If the new pro... Read more
15 Dec 2020
Credits: 1
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Flow chart - taxation of income from jointly owned propertyWhere a jointly owned property is let, determining for tax purposes how much of the income, profits or losses each owner is responsible for is not always straightforward. It depends on the ty... Read more
15 Dec 2020
Credits: 1
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Flow chart - appointing someone to help with your tax affairsIf you need help with your tax affairs you can ask an accountant, tax advisor, friend or family member to do so on a short or long-term basis. However, HMRC is notorious for insisting that ... Read more
15 Dec 2020
Credits: 1
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Flow chart - VAT Construction Industry Scheme reverse charge The VAT Construction Industry Scheme reverse charge applies to building and construction services supplied from 1 March 2021. Thereafter, customers covered by the scheme must account for th... Read more
15 Dec 2020
Credits: 1
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Flow chart - VAT bad debt reliefIf you make supplies of goods or services to a customer but are not paid in full or in part, you may be able to claim a reduction in your VAT bill under the bad debt relief rules.Flow chartThe Flow Chart - VAT Bad Debt... Read more
15 Dec 2020
Credits: 1
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Flow chart - VAT deregistrationYou may be required to deregister for VAT or circumstances may allow you to do so. It can be favourable to remain registered or the opposite can be true. Either way it is important to understand what your options are in... Read more
15 Dec 2020
Credits: 1