In the Spring Budget, two temporary first year allowances were given Royal Assent on 10 June 2021 with a view to kick starting the post Covid-19 recovery. These were either a super-deduction in the form of a 130% relief for main plant and machinery pool expenditure. This is referred to…
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All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be the taxpayer’s fault; other times the ‘error’ may be deliberate. There is a statutory definition of ‘careless’ which provides that an ‘inaccuracy in a document…
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All business must start at some point, and a furnished holiday lets (FHLs) business is no exception. Unlike other rental properties, furnished holiday lettings enjoy special tax rules. As a result, they are able to benefit from capital gains tax reliefs for traders and claim capital allowances for furniture, fixtures,…
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If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay capital gains tax if a gain arises on the disposal of the property. This may be the case if you have an investment property, such…
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No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell a much-loved property to pay the inheritance (IHT) bill. The introduction of the residence nil rate band (RNRB -set at £175,000) means that a couple…
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From 1 August 2021 until the scheme ends, the Government’s grant reduced a final time to 60% of furloughed employees’ wages for their unworked hours at a cap of £1,875. Your client has needed to contribute 20% to staff wages up to £625 and this will remain the same until…
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Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that an individual can contribute to their pension plans, there are limits on the contributions that qualify for tax relief. One of those limits is the…
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During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the Self-Employment Income Support Scheme, and to provide those whose finances were…
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Register VAT taxable turnover One must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: 1) at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is…
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The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on time can contact HMRC to agree on payment by instalments under the ‘Time to Pay scheme. If a business fails to pay its tax bills…
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