Can partners claim individual expenses without putting them through the partnership?

29th February 2012

Answer: No Only if the expenses are put through the partnership accounts (give the expenses to the partnership accountant) What a partner cannot do is claim his personal (business) expenses against only his share of the business income. For example, if he wanted to put use of his home broadband through the business he couldn’t do it on an individual level. He more

Tax and accounting treatment of Iphone/Ipad/Android apps

17th January 2012

This is a burgeoning industry and many developers are confused about the tax aspects. Broadly, the tax treatment follows that of websites and treatment of software development costs. The difference is that, here, there is a clear economic benefit and intention of direct sales. Thus aside from the planning stage we should be looking to capitalise on the balance sheet more

Redundancy and Payroll Tax issues

11th January 2011

An individual with only employment income visited our office today. He was made redundant from his first employment (with severance package) and moved to a second job a few months later (within the tax year). As is common, the payroll department that produced his P60 at the second company failed to accurately represent the income from salary, benefits and redundancy from more

Converting flats/rooms above a shop or office

29th December 2010

An increasing trend is the conversion of office space/storage space (above an office or shop) into flats. Bear in mind that you may have available one of the most generous allowances around- 100% capital allowances (tax deduction against income tax) on the expenditure subject to a few conditions: Qualifying flat Must be "dwelling" i.e. residential let 4 rooms or less (excluding bathrooms/kitchens) Lease term more

Rental accounts – the 10% wear and tear rule

17th December 2010

An oft misunderstood rule is the 10% wear and tear allowance. This is one of the best tax allowances available for landlords. Essentially, 10% of rents (less any utilities/council tax/any other bills that a tenant would usually pay) is subtracted from the rent. However, you must choose between this treatment or the "replacements method" where you claim a tax deduction for more