Property Business
Treating tenants deposits correctly for tax purposes
It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than
September 14, 2024
Property Business
Utilising losses from a property rental business
Where a landlord makes a loss on their property rental business, the options for using that loss are limited. The rules depend on whether the
September 13, 2024
Finance & Accounting>Furnished Holiday Letting
End of the FHL regime and transitional rules
Landlords with furnished holiday lettings (FHLs) currently enjoy favourable tax advantages compared to those letting residential property on longer term lets. However, these advantages are
September 12, 2024
New Residence Based Regime
New residence based regime for foreign income and gains
The remittance basis of tax is an optional tax treatment that allows individuals who are resident but not domiciled in the UK to pay tax
September 10, 2024
Finance & Accounting>Tax Refund
Claiming refunds of overpaid PAYE
If it works correctly, the tax that is collected under PAYE will exactly match the tax that is due for the year. However, in practice,
September 9, 2024
Finance & Accounting>VAT
How Much VAT is Charged in the UK?
Value Added Tax (VAT) is a consumption tax that businesses must charge on the majority of goods and services they sell. The tax is applied
September 7, 2024
Workplace Nursery Partnership
Workplace nursery partnership schemes
No tax charge arises in respect of the provision of a nursery place for an employee’s child at a workplace nursery provided that the associated
September 6, 2024
VAT
VAT on school fees
As outlined before the election, the new Government are to go ahead with their proposal to impose VAT on school fees. Legislation was published in
September 5, 2024
Finance & Accounting>Tax Refund
Using form R40 to claim a tax refund
If you are entitled to a refund of tax deducted from savings and investment income, you can claim the refund using form R40 if you
September 4, 2024
Family Investment Company
Family Investment Company (FIC) Tax Guide in the UK
A Family Investment Company (FIC) is a private limited company used by families to manage and control wealth over generations. It is a popular vehicle
August 30, 2024
Rental Income
Tax Guide on Rental Income for Landlords?
As a landlord in the UK, it’s crucial to understand the tax implications of rental income. Whether you’re renting out a single property or have
August 29, 2024
Finance & Accounting>Furnished Holiday Letting
Beware of the lifetime limit when claiming BADR on the sale of the FHL
Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the time of the 2024 Spring Budget, it was announced that the favourable
August 22, 2024
Local Accountant
Want to find a local accountant near me?
Whether you’re a small business owner, a freelancer, or simply need help managing your personal finances, finding the right accountant is crucial. A local accountant
August 21, 2024
Temporary Workplace
Temporary Workplace (Detached Duty) Relief
HM Revenue & Customs (HMRC) offers tax relief on travel and subsistence expenses for employees who work temporarily away from their usual workplace. This is
August 20, 2024
Tax Reliefs For Small Businesses
Important Tax Reliefs for Small Businesses
Small businesses in the UK can benefit from a variety of tax relief schemes that aim to reduce their tax liability and increase growth. Understanding
August 19, 2024
Repairs and improvements
A repair or an improvement and why it matters
As a landlord, periodically you will need to undertake work on your property. This may simply involve fixing a leaky tap or redecorating, or the
August 18, 2024
Finance & Accounting
Tax implications of different methods of business finance
For many businesses, initial set-up costs are low with just an internet connection, smartphone and a laptop. Invariably, funding for expansion or to purchase specific
August 17, 2024
Property Business
Claiming a deduction for the expenses of a property business
Expenses will be incurred in running a property business. To ensure that tax is not paid unnecessarily, it is important that all allowable expenses are
August 16, 2024
Finance & Accounting>Tax Return
Wealthy taxpayers within PAYE When is a tax return required?
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where the taxpayer
August 14, 2024
NIC
Class 2 NIC refunds made in error Action to take
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed
August 10, 2024