Another recent case at the First Tier Tribunal (FTT) found that a furnished holiday letting business did not qualify for business property relief. This follows on from the Pawson case in 2013.
The Chancellor announced that the amount of income tax relief landlords can get on residential property finance costs (such as mortgage interest) will be restricted to the basic rate of tax.
Recent global price fluctuations have been making life particularly tough for livestock and dairy farmers. During the last budget, the Government outlined plans to extend the period that self-employed farmers can average their profits for income tax purposes from 2 to 5 years.
As mentioned last month the Chancellor has confirmed the introduction of an additional inheritance allowance that will be available in addition to the current £325,000 nil rate band which will, when fully phased in, allow a couple to pass on the family home tax free up to a value of £1,000,000.
There may be some circumstances where it would be possible to waive the requirement to obtain an accountants report. This may apply to firms where only a small number of transactions is undertaken or a small volume of client money is handled in an accounting period.
It’s that time of year when P11d forms are being completed and many people think about benefits in kind. Company cars have diminished in popularity in recent years as the tax on a company car benefit and particularly the tax on a company car fuel benefit is very expensive.