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Holiday Lets averaging election
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.
In order to qualify as a furnished holiday letting,
Crack down on ‘fire and rehire’ practices
The Government has announced action to tackle the use of controversial ‘fire and rehire’ practices. In a press release issued 19 February 2024 they said:
“Action against unscrupulous employers
A new champion for small businesses appointed
An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of the Procurement Act.
Shirley Cooper OBE, former
Beware fake tax rebate offers
HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as
Cost of living final payment 2023-24
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were
Are you self-employed?
Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a
Types of limited companies
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
Limited by shares
This is the most common limited company structure. A limited by shares company is a separate legal
Entitlement to Business asset disposal relief
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can
Letting part of your home
In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family’s main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However,
Top-line, bottom-line?
Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And there are obvious grounds for this conclusion, after all, if sales dry up there are no
