Finance & Accounting>Finance & Accounting
Holiday lets – tax implications.
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
January 4, 2022
Finance & Accounting>Finance & Accounting
‘Dynamic’ PAYE Tax Coding
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronicallybefore making any salary or wage payments. To ensure that the right amount of
December 29, 2021
Finance & Accounting>Finance & Accounting
The future for tax payments
The government receives its tax money on different dates depending upon the type of taxcharged. Taxpayers taxed under PAYE usually pay their tax bills monthly;
December 27, 2021
Finance & Accounting>Finance & Accounting
Companies limited by guarantee
Companies Limited by Guarantee (CLG) are private companies that do not have shares orshareholders but instead have members called ‘guarantors’. The members agree to contributea
December 23, 2021
Finance & Accounting>Finance & Accounting
Will you have to pay the SDLT surcharge?
If you already own at least one property and you buy a residential property in England orNorthern Ireland, you may have to pay the stamp
December 20, 2021
Finance & Accounting>Finance & Accounting
Capital allowances and furnished holiday lettings
When it comes to let properties, furnished holiday lettings (FHL) are a special case andbenefit from a number of concessions not available to standard lets.
December 15, 2021
Reporting and paying tax on UK residential property gains
Where a chargeable gain arises in respect of a UK residential property, since April 2020, thegain must be reported to HMRC and a payment made
December 13, 2021
Finance & Accounting>Finance & Accounting
Do I need to top up my pension?
A full single tier state pension is payable to people who have 35 qualifying years. Individualswho have less than 35 qualifying years, but at least
December 10, 2021
Finance & Accounting>Finance & Accounting
Overlap profits – What are they and when is relief given?
Under the current rules for determining which profits of an unincorporated business aretaxed in a particular tax year, some profits may fall to be taxed
December 8, 2021
Finance & Accounting>Finance & Accounting
Income from savings – What is tax-free
Not all types of income are equal from a tax perspective, and savings income enjoysdedicated allowances, tax rates and reliefs which allow a taxpayer to
December 6, 2021
Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in amonth when people may be already struggling to pay their Christmas
December 4, 2021
Finance & Accounting>Finance & Accounting
Payments on account – Who needs to pay and how are they calculated?
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January2022 if a late filing penalty is to be avoided. The
December 3, 2021
Finance & Accounting>Finance & Accounting
Different ways of deferring CGT by selling or gifting a business asset – hold over relief, roll over relief etc.
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) ofmost assets. However, if the disposal is of ‘business assets’
November 30, 2021
Finance & Accounting>Finance & Accounting
Bed and breakfasting rules’ – Director’s loan account – borrowing, repaying and then borrowing again- ‘arrangements’
Throughout an accounting period a director will withdraw monies from the company againstthe director’s loan account (DLA), the withdrawals being satisfied usually by the taking
November 25, 2021
Finance & Accounting>Finance & Accounting
Reporting Covid-19 Support Payments on your tax return
If you are self-employed and you received Covid-19 support payments during the pandemic,you may need to report these on your self-assessment tax return.If you are
November 23, 2021
Finance & Accounting>Finance & Accounting
Treating deposits from tenants correctly for tax purposes
A landlord will normally take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property
November 22, 2021
Finance & Accounting>Finance & Accounting
Increasing the normal minimum pension age
The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorized pension charge (unless
November 20, 2021
Finance & Accounting>Finance & Accounting
New reduced rate of VAT for hospitality and leisure
The hospitality and leisure industry were particularly hard hit by the effects of the Covid-19 pandemic and associated lockdowns. To help the industry recover they
November 17, 2021
Finance & Accounting>Finance & Accounting
Electric charging points – Is there a tax liability?
As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government
November 15, 2021
Finance & Accounting>Finance & Accounting
Reporting income from property
The deadline for filing the 2020/21 self-assessment tax return online is 31 January 2022. If you received income from property, you may need to tell
November 13, 2021