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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
When you can and cannot use the Rent-a-Room Scheme
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
Transferring IHT unused nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such
Reporting self-employed profits 2023-24
The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30
Government to support action against late payers
Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment terms.
These demands take entrepreneurs away from their core tasks of business building and
National Living Wage potential boost
The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living Wage rate.
In summary:
National Living Wage will rise to two-thirds of
VAT Capital Goods Scheme
The VAT Capital Goods Scheme (CGS) is a means of spreading the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution
Replacement of domestic items relief
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The
Community Investment Tax Relief scheme
The Community Investment Tax Relief (CITR) scheme is designed to encourage investment in accredited Community Development Finance Institutions (CDFIs). The tax relief under the scheme is available to
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