The benefits of Furnished Holiday Lets

November 14th, 2019

Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available to buy-to-let landlords. However, if these same properties were let as Furnished Holiday Let (FHLs) property, more advantageous tax benefits […]

Higher National Living Wage rates

November 12th, 2019

Businesses that have a significant number of workers who are paid at the National Minimum Wage or National Living Wage (NLW) rates should probably read the recent independent report that suggests rates of NLW could rise, as internationally, there is evident that realistic rises have little impact on employment levels but do have a positive […]

Employing someone at home

November 7th, 2019

Believe it or not, HMRC will consider you are the employer of a nanny, housekeeper, gardener or anyone else who works in your home if both the following criteria apply: you hire them, and they are not self-employed or paid through an agency. If these criteria do apply this means you have certain responsibilities, like […]

Tax Diary November/December 2019

November 5th, 2019

1 November 2019 – Due date for Corporation Tax due for the year ended 31 January 2019. 19 November 2019 – PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax electronically the due date is 22 November 2019.) 19 November 2019 – Filing deadline for the CIS300 […]

Selling shares?

November 5th, 2019

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP units in a unit trust certain bonds (not […]

Working after State Pension age

November 5th, 2019

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example: the job requires certain physical abilities (e.g. in the construction industry) or the job has an age limit set […]

Gifts and Inheritance Tax

November 5th, 2019

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. The current gift exemptions […]