FWD Tax Tips and News

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01/03/2023

Relief for mortgage interest on let properties

As an individual landlord you can‘t deduct finance costs, including interest, from your residential property rents for tax purposes. Instead, you get tax relief for those costs as a basic rate tax credit calculated as 20% of the lower of: Read More...

HMRC homes in on Airbnb landlords

Online platforms such as Airbnb are now obliged to provide HMRC with data about the payments it makes to individuals who let rooms on a short-term basis. HMRC is matching that data to tax returns and writing to taxpayers who have apparently not declared t Read More...

Planning your profit extraction

In his Autumn statement in November 2022 Chancellor Hunt announced cuts to the dividend allowance and the additional tax rate threshold, where individuals start to pay tax at 45%. You need to take these changes into account when planning how and when to e Read More...

Plugging NIC gaps

Many people don‘t realise that they have significant gaps in their National Insurance Contribution (NIC) record, and as a result they won‘t be entitled to the full state retirement pension. This can come as a shock when you start to receive your state pen Read More...

March Questions and Answers

My company is buying an electric car for me to use for business and private journeys. In truth there will be very few business journeys. Can the company still claim the 100% first year allowance, although the business use will be small? Read More...

March Key tax dates

2 - Where income tax, CGT, class 2 NIC or class 4 NIC remains unpaid for 2021/22 a 5% penalty is imposed. This penalty can be avoided if a time to pay arrangement is agreed in advance with HMRC. Read More...

Spring Budget - 2023

Chancellor Hunt billed his Budget as a Budget for growth with emphasis on fixing problems in the labour market alongside improving business investment and innovation Read More...

About Us

FWD Accounts Suffolk, offering local business owners and individuals a wide range of services.

We help our clients by producing regular management accounts for their business and then talk through those numbers and what they mean. Email Jason at jnf@fwdaccounts.co.uk if this is of interest, and he will provide you a quote for doing this and he can explain how it would work. Waiting for this financial information until your year end is often too long, and it does not allow the business to make corrective action at an early stage, if it was necessary. It also allows us time to make tax planning decisions as the year develops, to minimize the final tax payable.

All clients are entitled to fixed fees, work delivered on time and phone support. Visit our website fwdaccounts.co.uk for more information.

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FWD Accounts is a trading name of FWD Accounts Limited