Sinclair Day

May 9, 2018

When do you pay tax on lodger’s rents?

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home within certain limits to pay no tax on the lodger’s rents. The limit increased to a generous £7,500 from 6 April 2016 and remains unchanged for
May 9, 2018

Are you making money from a hobby?

The 'badges of trade' tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. However, there is a point where careful consideration
May 9, 2018

Advance assurance for R&D tax claims

Advance Assurance for small companies that claim Research and Development (R&D) tax relief was introduced in November 2015. This measure makes it easier for small businesses investing in research and development to claim tax relief. Advance
May 2, 2018

When you can or cannot change your company year-end

There are special rules in place which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is usually set by reference to the date the company was incorporated. Under