Furnished holiday lettings enjoy favourable tax treatment as long as certain conditions are met, allowing landlords of holiday lets to access certain valuable reliefs, such
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it
Gifting assets during one’s lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run.
If you are feeling the pinch and you have a spare room in your home, you may consider renting it out to earn some additional
In the halcyon days of buy-to-let ownership, landlords were able to benefit from lettings relief if they sold a let property which at some point
Tax changes in recent years to the way that unincorporated landlords are treated for tax purposes, particular in respect to relief for interest, have resulted
For many years, working out whether tax savings could be achieved by incorporation was relatively straightforward. Once profits reached a particular level, transferring the trade
Although Family Investment Company’s (FIC) have been around for several years, awareness of the flexibility that such a vehicle affords has been growing in recent
Inflation is at a ten-year high and the ensuing cost of living crisis means that many people may be struggling to pay the tax that
Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners
Employers must act as a tax collector for HMRC, deducting tax, National Insurance and, if applicable, student loan deductions, from their employees’ pay and pay
Where a business is operated as a family company, it is necessary to extract the profits from the company in order to use them outside
It will not always be apparent when a hobby tips over into a trade and the point at which you need to declare your income
Many director-owners of companies own the commercial property from which their company trades. The reasons for this vary and could be historic e.g. the business
No-one wants to pay more tax than they need to. Consequently, it is important to keep good records of business expenses so that deductible expenses
Bad debts are a fact of business life and most businesses will suffer a bad debt from time to time. This may be because the
Capital allowances are a mechanism for providing tax relief for capital expenditure. Relief is generally given in the form of a writing down allowance, although
The registrar of companies has the power to strike a company off a register if the registrar has reasonable cause to believe that the company
For inheritance tax (IHT), there are potentially two nil rate bands available. The first – the nil rate band – is available to everyone and
The Construction Industry Scheme (CIS) is a tax deduction scheme under which tax is deducted from payments made to subcontractors for construction work unless the
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