Holiday lettings – Different lets, different tax rules

From a tax perspective, all lets are not equal, and the rules that apply to furnished holiday lettings are different to those applying to traditional buy-to-lets. Buy-to-let Under a traditional buy-to-let, a landlord will let the property to the same tenant or tenants on a long-term basis. Lets are traditionally for a...

How to enjoy savings income tax-free

As every penny counts more than ever now, there are various ways you can enjoy income, or basically the interest earned, on your savings without paying any tax. Obviously this depends on the nature of the savings and any other earnings and taxes paid, below are a few ways you can...

Removal of the P11D Form

HMRC have decommissioned the online end of year expenses and benefits service from April 2022 and the P11D and P11D(b) forms are no longer available. There is now only two ways for employers of any size to report and submit details of expenses and benefits for the tax year ending 5...

Relief for pre-trading expenses

When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able to claim tax relief for these? Relief is available for unincorporated businesses for income tax purposes and also for companies for corporation tax purposes. Typically, you need...

Key dates and deadlines for small businesses

Running your own small business is hard work – you will find yourself trying to develop and grow your business, alongside managing the day-to-day operations acting as the finance, marketing, HR and sales departments – often all in the space of a few hours! To help you manage and keep on...

Allocating income for tax when property is jointly owned

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 that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the relationship between the owners. ...

Construction Industry Scheme – be aware of the ‘trap’ when working with other contractors

The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance contributions for those working in the construction industry. This includes companies, partnerships or self-employed individuals. The CIS applies to construction work and jobs such as alterations, repairs, decorating and demolition. Although the responsibility of operating CIS is mainly...

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