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Avoiding the tax relief trap on buy-to-let loans

Buy-to-let tax relief The buy-to-let market continues to grow and despite ups and downs over the years it can provide a good return on investment. Because of this you’ve decided to get in onthe action, but you’ll need to borrow to buy a property. The trouble is new rules will restricttax relief on loan interest…

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NEW TAX ON COMPANY OWNERS

There are two new directives, first for the fast reaction mechanism aimed towards preventing VAT fraud. Second one is for the optional and temporary application of the reverse charge mechanism in relation to supplies of certain goods and services. Quick Reaction mechanism provides the legal basis to the countries that are members of the EU to integrate an emergency measure in they are in position to serious case of sudden and massive VAT fraud.

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EMPLOYERS NI ALLOWANCE UP BY 50%

Recap Since 6 April 2014 most employers have been entitled to a reduction in the NI liability payable on their employees’ (including directors’) wages. For 2015/16 the employmentallowance (EA) is worth up to £2,000 and can be claimed by most businesses. Trap. You can’t claim the…

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BUY TO LETS: DON’T OVERLOOK THE DEPOSIT

Peace of mind With traditional banks and building societies offering a poor rate of return, many business owners either have or are looking to invest in the buy–to-let market. To safeguard landlords against potential breaches of the tenancy agreement, e.g. damage to the property or a failure to pay…

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IT’S P11D TIME!

P11D deadline. It’s that time of year when you need to turn your attention to preparing the dreaded Forms P11D . A form is needed for each director and employee who earned £8,500 or more if you paid them expenses or provided benefits in kind. The…

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