Latest Blogs

02/12/2025

Tax relief for unpaid rent

In these difficult economic times, tenants may struggle to pay their rent, leaving landlords out of pocket. In the absence of insurance that makes good the cost of unpaid rent, the way in which the landlord is able to secure relief for the bad debt depends on whether the landlord uses the cash basis or the accruals basis to prepare their accounts.  

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02/12/2025

Utilising the tax exemption for Christmas parties

Many employers have a social event for employees around the Christmas period. This may take the form of a Christmas party or dinner or another social event, such as wreath-making and cocktails. When planning the event, it is important to consider the tax and National Insurance implications up front.  

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02/12/2025

Overdrawn directors’ loan accounts and section 455 tax

A director’s loan account is simply a means of keeping track of transactions between the director and the company of which they are a director. If the director’s account is overdrawn at the end of the company’s accounting period or at any point during the tax year, there may be tax implications to address.  

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02/12/2025

Are you exempt from MTD for ITSA?

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is mandatory from 6 April 2026 for self-employed traders and landlords whose combined gross trading and business income in 2024/25 is £50,000 or more. Those within MTD for ITSA must maintain digital records and submit quarterly updates and a final declaration to HMRC electronically using software compatible with MTD for ITSA.  

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03/11/2025

Should you withdraw your pension to save IHT?

Legislation has been published in draft for inclusion in the Finance Bill which will bring unused pension pots within the charge to inheritance tax from 6 April 2027. In light of this change, pension savers may be considering withdrawing pension funds to prevent such a charge. Is this a good idea?

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03/11/2025

What counts as a ‘reasonable excuse’?

A taxpayer may have grounds for appealing a penalty if they have a reasonable excuse for missing a filing or payment deadline. However, it is important to realise that the appeal will only succeed if HMRC accept that the excuse is indeed reasonable. In this regard, the bar is set high.

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03/11/2025

Do you have an unclaimed Child Trust Fund?

A press release recently published by HMRC revealed that 758,000 young people between the ages of 18 and 23 have a Child Trust Fund which has matured but which they have not claimed. The average Child Trust Fund account is worth £2,242.

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03/11/2025

Tax relief for costs of updating a property prior to letting

When a landlord buys a new property to let out, they may need to undertake some work prior to the first let, particularly if the property is tired or in need of updating. The extent to which relief will be available for the costs of updating the property will depend on the nature of those costs.  

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