Category: Record keeping

Wanting to employ a family member? Read this first #familybusiness #tax

Employing family members It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…


Keeping records of rental income and expenses

Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the property business. However, where it is beneficial to do so, the landlord can claim…