IHT business asset relief
There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who had died. One of these reliefs is known as Business Relief and is a valuable tax
Exchange of joint interests
HMRC’s internal manuals consider the reliefs available where there is an exchange of joint interests in land.
The manuals state that:
The exchange of interests in land which are jointly owned by two
Writing off a director’s loan
An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for
Tax benefits of switching to electric cars
There are many benefits to encourage the use of electric cars including lower running costs, the environmental advantages and reduced noise pollution. There are also tax benefits to encourage the
Builders – when you may not have to charge VAT
VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged at the standard rate of 20%. However, there are a number of exceptions where
Mortgage interest on rented property
Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords was restricted to the basic rate of tax. The finance costs restriction was phased in
