At Saint & Co we work with clients all along their journey, whether they’re just starting or an established business or a private individual. We have a full range of accounting, tax, wealth and business advisory services to help our clients improve, streamline and grow their business and personal finances. We’ve earned a reputation for…
Category Archives: Blog
Where a company makes a trading loss of no more than £200,000 in an accounting period it is now possible to claim relief for that loss even though the corporation tax return CT600 has not been submitted. This will enable the company to carry back the loss to earlier years and obtain a repayment of…
With more people staycating the demand for holiday property has never been higher and many people are taking advantage of this increase in demand. Airbnb often has the flexibility owners require, whether you are letting a room in your own home or a separate property. However don’t get caught out by the taxman who will…
Claiming employment allowance means reducing your annual National Insurance liability as a business owner or employer by up to £4,000. Since April 2020, receiving employment allowance is now reliant on you making what’s known as a de minimis State Aid declaration. This may sound daunting, but we’ll break down exactly how you can do this…
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Where a property is let out as a furnished holiday let as opposed to a longer term residential let, there are a number of advantageous tax reliefs available including the following: Business Asset Disposal relief – Taxable gains on disposal of FHL properties are charged at a lower Capital Gains Tax rate of 10%. Gains…
Most people are aware that when you sell your main residence there will be, in most cases, no capital gains to report and no tax to pay. The reason for this is because there is a specific exemption which means that where a property has been occupied as your main residence it is possible to…
Unfortunately the rules are changing soon, and MTD will apply to all VAT registered businesses even if they are voluntarily registered and below the VAT threshold. In short, if your business is VAT registered, it will need to file VAT returns directly from MTD compatible software. Within the software, there should be a digital record…
HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax, Income Tax and National Insurance contributions. HMRC strongly believes these arrangements do not work and will seek to challenge anyone promoting or using these arrangements and make sure the correct tax is paid. Users of these arrangements may…
What is the new Super-deduction? As set out in the March 2021 budget, companies will be allowed to claim a new 130% capital allowance deduction on most new plant and machinery purchased between 1 April 2021 and 31 March 2023, and there is no limit as to how much can be claimed. Any contracts for…
Pension contributions to approved pension funds on behalf of employees and directors continue to be a tax-free benefit provided the annual input limit is not breached. The contributions are also deductible for the employer provided incurred wholly and exclusively for the purposes of the trade and paid before the end of the accounting period of…
