Furnished Holiday Lets – What tax reliefs are available?
The UK has seen a boom in the ownership of Furnished Holiday Lets thanks to the increase in staycations. As the summer holidays draw to a close many of us may be considering purchasing a holiday let to boost our income, but there are some very specific tax reliefs to Read more…
MPs support move to crackdown on unqualified accountants
The Government could move to crack down on anyone providing accountancy services who is not professionally qualified. As the law stands there is no requirement for these individuals, who can set up and start advising clients, to have professional qualifications. High profile campaigns A survey by the Association of Accounting Read more…
Top tips for securing finance for new businesses
There were stunning figures released in a new survey about business start-ups recently. Data from small business lender iwoca showed that 93 new businesses were created every hour. Despite economic headwinds, rising inflation and rocketing energy costs, the number jumped by 18 per cent year on year. Data from Companies House Read more…
Companies House service goes digital
The march of the digital age and the effects of the pandemic have led to a Government institution closing its physical doors. After two years of closure due to the pandemic, Companies House has confirmed that it will permanently close its office in London with all filing being transferred online. Read more…
Back to basics: Job expenses
Expenses incurred by employees are generally the responsibility of the employer. Quite often, however, employees have to bear the cost themselves when travelling for work, having meals and even providing clothes, which in most cases are not tax deductible. What employment expenses qualify for tax relief in the UK? Work-related Read more…
New law delivers even-handed treatment for separating couples
New measures have been introduced for the even-handed treatment of spouses and civil partners who are in the process of separation, divorce or dissolution. The new legislation clarifies Capital Gains Tax (CGT) rules that apply to transfers of assets between spouses and civil partners, giving them up to three years Read more…
Government increases interest rate on late tax payments
HM Revenue & Customs (HMRC) has increased the interest rate applied to late tax payments following the latest hike in the Bank of England base rate. The late payment interest rate increased to 4.25 per cent from 23 August – the highest rate since the height of the financial crisis Read more…
Back to Basics on Business Mileage
Ask anyone who either uses their vehicle for business reasons, or puts fuel in a company car, and you will soon realise business mileage can be a confusing topic. It’s important to know that if you fall into either of these two categories, you might be able to claim tax Read more…
HMRC set to modernise direct debit system for employer PAYE
HM Revenue & Customs (HMRC) has announced plans to offer a recurring direct debit to employers as part of their wider payment modernisation programme. At present, employers can only set up a direct debit to collect a single payment. The launch of this service, slated for mid-September this year, will Read more…
