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Hidden benefit of the new extended loss relief
The new extended tax loss relief seems straightforward but a closer look reveals an opportunity for sole traders and business partners to save more tax than first appeared. What do they need to know?
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Property letting: is it a repair or an improvement?
During the coronavirus lockdowns, many landlords may have taken the opportunity to carry out work on their properties - especially if these have been empty. How can they differentiate between "repairs" and "improvements" in order to maximise income tax relief?
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Using pension recycling to help fund coronavirus shortfall
A company is struggling for cash in the wake of the coronavirus lockdowns. It has approached its bank for a loan but the interest rate being offered is eye-watering. How could it use pension recycling as a tax-efficient alternative?
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Maximising the benefit of gift aid claims
Gift aid can provide a valuable tax break for higher or additional rate taxpayers. With coronavirus affecting many of them, what additional points should they be looking out for when advising them this year?
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Tax return errors: persuading HMRC that it was not deliberate
HMRC claimed that a taxpayer had deliberately made errors on his tax return. The taxpayer disputed this and took his argument to the First-tier Tribunal (FTT). Why did he think this was worth the effort and what did the FTT decide?
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Taking dividends after a loss-making year
The accounts for a company’s recently-ended financial year are being finalised by the accountant. The owners expect them to show a loss. Does this mean they should stop taking dividends to avoid trouble with HMRC?