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Checking Furnished Holiday Let property occupancy
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,
Eligibility for the VAT Flat Rate Scheme
The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is
Tax on inherited private pensions
Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have
What is Class 1A NIC?
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000
Autumn Finance Bill 2023 update
The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures
The Valuation Office Agency tackles holiday lets
The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates. They are doing this because they need further information about the
Full-time and part-time contracts
As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract you give them and their employment status.
Contract types include:
full-time and
Tax Diary March/April 2024
1 March 2024 – Due date for Corporation Tax due for the year ended 31 May 2023.
2 March 2024 – Self-Assessment tax for 2022-23 paid after this date will incur a 5% surcharge unless liabilities are
Landlords – claiming maintenance and repairs costs
Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits to declare to HMRC. The expenses must relate wholly and exclusively
Should you pay tax on selling goods online?
HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes it clear that this activity could be treated as a ‘trade’ for UK
