The benefits of Furnished Holiday Lets

Nov 14, 2019

Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available…

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Higher National Living Wage rates

Nov 12, 2019

Businesses that have a significant number of workers who are paid at the National Minimum Wage or National Living Wage (NLW) rates should probably read the recent independent report that suggests rates…

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Employing someone at home

Nov 07, 2019

Believe it or not, HMRC will consider you are the employer of a nanny, housekeeper, gardener or anyone else who works in your home if both the following criteria apply:

  • you hire them,…

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Negligible value claims

Nov 05, 2019

Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT) purposes without disposing of the asset?

After…

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Taxing aspects of electric cars for your business

Nov 05, 2019

This article does not cover the risks of owning an electric car, depreciation rates etc. Instead it discusses the tax implications if you buy an electric car for business purposes.

As electric…

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Gifts and Inheritance Tax

Nov 05, 2019

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied.

However, in most cases you will not need to open your…

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Working after State Pension age

Nov 05, 2019

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for…

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Selling shares?

Nov 05, 2019

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT).

Shares and investments you may need to pay tax on include:

  • shares…

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Tax Diary November/December 2019

Nov 05, 2019

1 November 2019 - Due date for Corporation Tax due for the year ended 31 January 2019.

19 November 2019 - PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax…

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