The Loan Charge is a cumulative payment of income tax and National Insurance paid to contractors and other professionals in the form of loans dating back to 1999 which will be added to this year’s self assessment filing. Contractors and other professionals were paid in this way so that the company making the payment would […]

There are over 2.5 million private landlords owning, on average, 1.8 properties each here in Britain. For most private investors, buy-to-let makes a lot of sense as there are two opportunities to make money – first from the rents paid by tenants every month and second from a rise in the value of the property […]

For over 2 million Brits, their future financial hopes and aspirations are pinned on holding property they don’t live in and letting out to others. In the 2015/2016 tax year, the average landlord owned 1.8 properties each and long-term landlords achieved annual returns of 9.9% if they had bought their properties in the year 2000 […]

If you want to borrow money from your business or if your business needs to borrow money from you, that’s fine. If you do one or the other, it creates something called a “director’s loan account”. Directors of smaller businesses with turnover of less than £1m a year often make frequent use during a financial […]

In previous articles we’ve shared with you, we looked at the difficulties of not only getting your self assessment and tax payment in on time but the complexity of the form itself and the calculations involved in arriving at a final (and correct) tax figure. On the 17th January, HMRC issued a press release showing […]

What are financial directors and do you need one? For many business owners, actually understanding what the difference is between an accountant and a financial director will be difficult. After all, financial directors, as part of their role, will be required to make sure that the company is up to date with HMRC and Companies […]

Making Tax Digital is part of a multi-year scheme from both the Government and HMRC to digitise all accounting and tax records for individuals and businesses across the UK. It’s been in the planning for years and, given its complexity, it has suffered many setbacks to date and its launch details have been rescheduled and […]

As the end of the current tax year looms, our accountants here at TWP recommend that all our valued clients look at any potential Capital Gains Tax (CGT) liabilities they may have incurred. CGT allowance is at £11,300 – that is, you won’t be taxed on your first £11,300 worth of capital gains. Your allowance […]