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Should I sell before the end of the FHL regime?
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial…
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Relief for replacement domestic items
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the…
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HMRC revise stance on replacement boilers
In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages…
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Taxation of company cars in 2024/25
A taxable benefit arises when an employee has the private use of a company car. Unless the car is an electric car,…
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VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date,…
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New VAT thresholds – When must you register and when can you deregister?
New VAT thresholds for 2024 The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased…
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Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or…
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Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use…
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Post-cessation expenses – When and how are they allowable?
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is…
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HMRC informers – How important are they in reducing the ‘tax gap’?
HMRC informers – How important are they in reducing the ‘tax gap’? Our blog looks at the statistics from HMRC about underpayment…
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