Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key benefits is the availability of capital gains tax reliefs available to traders, including rollover relief and business asset disposal relief. Business asset rollover relief Business asset rollover relief is a significant benefit of having…
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A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits are suitable for inclusion within a PAYE Settlement Agreement (PSA). To qualify a benefit…
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Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and family companies, can control how and when they are paid and, in the absence of special rules, would be able to reduce their Class 1…
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Could an employee ownership model help you to build a better business? Businesses such as John Lewis are famous for being pioneers of the employee ownership model. When employees own a stake in a company it can create a positive culture. Businesses tend to move to an employee-owned model at…
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Running a property business through a limited company rather than as an unincorporated business may be an attractive proposition; at 19% the rate of corporation tax is lower than the basic rate of income tax and interest and financing costs are fully deductible in computing taxable profits. However, the tax…
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Just before the start of this new 2021/22-tax year, HMRC announced changes to how crypto assets – those funds held in or earned through cryptocurrencies – are taxed. As a relatively new concept, there is a great deal of confusion about the legality and declaration requirements around crypto assets. Please…
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Sometimes a taxpayer may find themselves in a position whereby HMRC seem to be taking an inordinate amount of time to settle a particular issue or the service received as a ‘customer’ does not meet the standards expected or even that they feel they are being discriminated against. Although complaints…
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Every small business owner wants to maximize credit — and there is only one way – by reducing tax. Small businesses are privately owned corporations, partnership or sole proprietor that has fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as “small” in terms…
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Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled…
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Most landlords will need some sort of finance in order to invest in property to let out. However, while tax relief for mortgage and finance costs are available regardless of whether the property business is operated as an unincorporated property business or whether it is run through a limited company,…
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