With more people staycating the demand for holiday property has never been higher and many people are taking advantage of this increase in demand. Airbnb often has the flexibility owners require, whether you are letting a room in your own home or a separate property. However don’t get caught out by the taxman who will…
Author Archives: Pauline Jackson
03
Aug
Aug
Where a property is let out as a furnished holiday let as opposed to a longer term residential let, there are a number of advantageous tax reliefs available including the following: Business Asset Disposal relief – Taxable gains on disposal of FHL properties are charged at a lower Capital Gains Tax rate of 10%. Gains…
03
Aug
Aug
Most people are aware that when you sell your main residence there will be, in most cases, no capital gains to report and no tax to pay. The reason for this is because there is a specific exemption which means that where a property has been occupied as your main residence it is possible to…
22
Jul
Jul
This will affect all self-employed clients who draw up accounts to a period that does not end on 31 March or 5 April, ie which not coterminous with the tax year. All such businesses will be required to report figures on a tax year basis from 2022/23, ready for MTD to commence from 6 April…
06
May
May
Employees working from home due to the coronavirus pandemic can continue to claim tax-relief on costs not reimbursed by their employer, but a new claim will need to be made for the 2021/22 tax year, HMRC has confirmed. Normally, employers can pay a tax-free allowance of up to £6 per week/£26 per month to employees…
15
Mar
Mar
HM Treasury (HMT) has published a factsheet covering the new super-deduction announced in the 2021 Budget, which will allow companies to cut their tax bill by up to 25p for every £1 they invest in qualifying assets. Broadly, between April 2021 and 31 March 2023, companies investing in qualifying new plant and machinery assets will…
10
Dec
Dec
If you applied to register a lasting power of attorney (LPA) or an enduring power of attorney (EPA) in England and Wales  you can claim to get part of your application fee back if you applied to register between 1 April 2013 to 31 March 2017.  Claims must be made by 1 February 2021. Who…
16
Sep
Sep
HMRC has updated its guidance on how to perform usual hours calculations where employees come off furlough or flexible furlough partway through a claim period. The change affects claims made from 14 September. As you will remember from 1 July Flexible Furlough started and there was confusion about how to calculate an employee’s usual hours….
08
Sep
Sep
Following on from the recent HMRC announcement that MTD for ITSA is being introduced in April 2023 they held a webinar to provide more information. This resulted in a large number of questions, some of which have been answered by HMRC and can be seen here. We will keep you up to date as more…
14
Aug
Aug
The next round of applications for the Self -Employment Income Support Scheme (SEISS) will be open from Monday 17 August. If you are self employed or in a partnership and have been adversely affected by coronavirus you may be eligible to claim. HMRC will contact customers either by letter, SMS and/or email to invite you…