When it comes to letting property, not all are equal when it comes to tax – lettings that qualify as ‘furnished holiday lettings’ (FHLs) benefit
Private residence relief prevents a tax charge from arising if there is a capital gain when a person sells a property that has been their
When it comes to tax relief for expenditure, not all expenditure is equal. The relief, if any, that is available, depends on whether the expenditure
Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax
Plastic packaging tax is a new tax that comes into effect from 1 April 2021. The tax has a green agenda – its aim is
To encourage employers to employ armed forces veterans, a new relief was introduced with effect from 6 April 2021 where an employer took on an
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now.
The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance
In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also
It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered
The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is
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