Recent content by Truemanbrown

  1. Truemanbrown

    Furnished Holiday Let - what tax expenses can be claimed?

    Not exactly claiming for back taxes but have you considered getting a refund of business rates using small business rate relief.
  2. Truemanbrown

    Can you claim council tax, internet (in personal name), rent?

    If you are self-employed, you can make a claim for Use of Home as Office. The basic calculation is: - 1. Add up all related house costs such as gas, electricity, rent (if renting property), council tax, water rates, property insurance and mortgage interest (if buying house) (call 'A'). 2. Add...
  3. Truemanbrown

    Foreign currency transactions and HMRC online filing

    Can I ask - How are dealing with foreign currency transactions at the moment?
  4. Truemanbrown

    How much would this cost?

    Most accountants will give you a free consultation, so they judge the scale of the work to be done and then give you a quote.
  5. Truemanbrown

    Last Year Good - This Year Bad. Can This Be Used To Reduce Last Year's Tax?

    Your initial question does not state whether your friend is trading through a limited company or as a sole trader. It sounds like your friend has still made a profit just a bit smaller. If he is operating as a sole trader and he made sizeable profits in the first year, then it likely that your...
  6. Truemanbrown

    Can a dividend be paid to one shareholder but not others?

    There is a second route you could try which is a waiver. A waiver is sometimes used to make use of one shareholder’s lower rate of tax, giving rise to a settlement of income. If one shareholder decides to waive his or her rights to receive a dividend, you must ensure that the dividend received...
  7. Truemanbrown

    Start Up - Directors Loan

    Generally, qualifying pre-trading expenditure should be treated as incurred on the first day that the business started to trade. I would recommend that you keep all receipts for any amounts that you spend in getting your business up and running.
  8. Truemanbrown

    Mileage

    You do have two options: - The employer can instead make payments based on the actual costs tax-free. The employer can agree higher bespoke rates based on actual costs with HMRC. Both of these options would lead to tax-free mileage allowance. The problem with both of these methods is the...
  9. Truemanbrown

    Tax Return and Bounceback Loan Repayments

    If your business income is less than £85,000 you can file a short self-employment section. On page SES1, Box 20, you would place all of the allowable expenses, including the interest.
  10. Truemanbrown

    Mileage

    Sorry, if Employer A does 30,000 miles in a fiscal year, are you just going to pay him for 20,000 miles @ 35p per mile?
  11. Truemanbrown

    Corporation Tax back up to 25% - press conference 2pm today

    CT is a huge part of why the UK is no longer open for business. It is a signal to overseas investors that the UK is not a place to set up your business. The reason we have inflation around the world was Biden's insane tax and spending policies. And to ensure that no country gained a competitive...
  12. Truemanbrown

    Corporation Tax back up to 25% - press conference 2pm today

    So, where are the European bases for the like of Dell, Google and other huge tech companies based in Europe - Ireland!!!
  13. Truemanbrown

    Corporation Tax back up to 25% - press conference 2pm today

    You forgot Ireland. How many British companies will now be looking at moving across the Irish Sea?
  14. Truemanbrown

    Finance needed

    If you go the invoice factoring route, be very careful. Especially, keep an eye on the minimum factoring charges.
  15. Truemanbrown

    Corporation Tax back up to 25% - press conference 2pm today

    Basically, if you are ambitious and want to run your own company it is time to leave the UK. 25% Corporation Tax rate is ridiculous! Small business just got dumped on big-time.
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