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  • Which tax year should the company director report director loan write off in self assessment?

    A company director borrow money from a limited company (director loan) in Jan 2021, Company hold a board meeting in Dec 2021 and decided to write off the director loan. Therefore the director loan was written off in Dec 2021. And then the director need to pay Income Tax on the loan through a Self Assessment tax return. In this case, is it the loan need to be reported on 2020/21 tax year tax return or 2021/22 tax return? https://www.gov.uk/directors-loans/you-owe-your-company-money Many thanks!
  • Foreign credit relief

    Hello, I have some foreign income (dividend income) from different countries which were paid foreign tax, I would like to report them on my self assessment tax return by claiming foreign tax credit relief, I looked into HMRC website below, and the website seems not mentioned the relief rate for dividends The website has:Property income dividends, interest, royalties, government pensions, other pensions / annuities, other income article, personal allowance And I looked into "Property income dividends", it's not like general dividends from companies. Should I use the relief rate for "interest" on the website for dividends? Thank you! 
  • UK limited company has investment income (sell shares and crypto assets)

    Hello, my friend has a UK limited company who manufacture clothes, the company also has investment activities which invest - buy and sell shares and crypto assets and generate capital gains, we read through government guidance, the guidance (related guidance: https://www.gov.uk/tax-when-your-company-sells-assets/work-out-a-chargeable-gain) said the UK limited company's chargeable gain will be charged corporation tax. Our question is regarding the calculation methods to work out capital gains for shares and crypto assets: Is it the same as ‘same day’ rule; 30 days rule (‘bed and breakfasting’ rule) and Section 104 holding for UK limited company? First: Shares acquired on the same day as the disposal (the ‘same day’ rule). Second: Shares acquired in the 30 days following the day of disposal (the ‘bed and breakfasting’ rule) provided the person making the disposal was resident in the United Kingdom at the time of the acquisition. Third: Shares in the Section 104 holding. Reference: https://www.gov.uk/government/publications/shares-and-capital-gains-tax-hs284-self-assessment-helpsheet/hs284-shares-and-capital-gains-tax-2019 Thank you very much for your help!
  • Lease furniture cost deduct rental income

    Hello, I read through government guidance, they said initial purchase furniture can't deduct rental income on self assessment tax return: "Broadly, it allows a deduction for the replacement (not initial purchase) of certain domestic items." https://www.gov.uk/guidance/income-tax-when-you-rent-out-a-property-working-out-your-rental-income#full-publication-update-history https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim3210 But the guidance didn't mentioned about "lease furniture", if I "lease furniture" for the rental property (even first time lease furniture), can I deduct lease cost against rental income? If it is not allowed, is it any government guidance for it? Thank you
  • Can I deduct Bank Loan interest against self assessment income?

    I borrowed bank loan from a bank, and then I lend all the money to My husband's limited company. The bank charge me about 5% of interests and then I charge the same interests to My husband's limited company. In this case, can I deduct the 5% bank loan interest against my self assessment income? Thank you