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George Lilley is licensed and regulated by AAT under licence number 1001040

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7 Dec 2018

Take advantage of the Annual Investment Allowance

The annual investment allowance (AIA) allows businesses to obtain an immediate deduction against profits for capital expenditure up to the limit of the allowance.

Where a business prepares accounts using the more traditio...

30 Nov 2018

Pass on your house free of IHT

The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. It is available for deaths on or after 6 April 2017.

The RNRB...

23 Nov 2018

Give away £3,000 IHT-free each year

There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the annual exemption.

Nature of the exemption

The annual exemption is set at £3,000. The exemption allows...

16 Nov 2018

Tax-free Christmas parties

Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in scope and application. It is unwise to assume that there will be no t...

9 Nov 2018

Claim a deduction for pre-trading expenses

As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for the deduction to be available, the business must have started trading. However, most busine...

2 Nov 2018

Savings income – how is it taxed?

The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free. For these purposes, savings income means interest on saving...

25 Oct 2018

Getting ready for MTD for VAT

The start date for Making Tax Digital (MTD) for VAT is fast approaching – from the start of your first VAT accounting period beginning on or after 1 April 2019, if you are a VAT registered business with VATable turnover over the VAT registr...

19 Oct 2018

Rent-a-room: New restrictions

Rent-a-room relief offers the opportunity to enjoy rental income of up to £7,500 tax-free from letting out a room in your own home. It does not matter whether you own or rent your home; what is important is that the let is of furnished acco...

12 Oct 2018

Overpaid tax? How to claim it back

There are various reasons why you may have paid more tax than you needed to for a tax year. For example, if you only worked at the start of the year, you may not have received all of your personal allowance. Alternatively, if your tax...

5 Oct 2018

Dividend income – How is it taxed in 2018/19?

The taxation of dividend income was reformed from 6 April 2016. Since that date, dividends are paid gross – there is no longer any associated tax credit – and all taxpayers receive a dividend allowance. Dividends not shelter...

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