Businesses can use the new scales from the start of the next prescribed accounting period beginning on or after 1 May 2023. The scale charges are used where a business provides road fuel for private use; the VAT is calculated on a flat-rate basis according to the scale charge. If you know anyone who may benefit from…
Author Archives: Pauline Jackson
Advantages Many Airbnb lets are used as holiday accommodation. From a tax perspective, furnished holiday lettings enjoy some tax advantages over other lets for example capital gains tax reliefs including business asset disposal relief (previously entrepreneurs’ relief), plant and machinery capital allowances if the cash basis is not used and profits will count as earnings…
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…
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…
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…
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…
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…
13
Aug
Aug
We recently wrote a blog debunking the most common misconceptions about Inheritance Tax (IHT). Today we want to address the most common mistakes made, so you can be sure you’re avoiding them and minimising your exposure to IHT. Inheritance tax is affecting more ordinary people every year, so getting a grasp on the details is…
Blog, Tax
The most common misconceptions about Inheritance Tax, and why you may need to start planning
10
Jul
Jul
The huge increases in house prices over recent decades has been one of the main reasons why inheritance tax has started to hit more and more ordinary people. Understanding Inheritance tax and how you may be affected by it, is vital. If you begin planning for it now, you avoid passing a tax bill onto…
08
Apr
Apr
The government has announced that Working Tax Credits payments will be increased from 6 April 2020. As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021. The amount…
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