With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started on 12 June, running for three months to 4 September 2023. Ostensibly, the idea is to trial the department’s digital services, including its online guidance, digital assistant and webchat. In reality, HMRC is behind
HMRC has Closed its Phone Lines – How to Make Contact Read More »
The number of businesses closing down is steadily increasing. Many of those businesses will have staff, therefore the legal and tax position of any termination payment must be considered. Many assume that any amount up to £30,000 is tax free. However, this may not apply to all redundancy payments not least because termination payments will
Tax Implications of Termination Payments Read More »
When setting up in business, most people weigh up the pros and cons of operating as an unincorporated business or a limited company. However, there is another option where more than two persons are involved – to operate as a limited liability partnership (LLP). One of the main reasons for the government creating the LLP
As part of HMRC’s Making Tax Digital initiative, the existing method of calculating profits on an accounting year basis is to be abolished for the self-employed and partnerships. From April 2024, all such businesses will be taxed on profits for the tax year. To facilitate this move, the current 2023/24 tax year is deemed a
Are You Ready For The Change? Self-Employed – Basis Period Reform Read More »
For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important as it determines the rates at which SDLT is charged. Recently, there has been a slew of cases concerning mixed-use properties. A mixed-use property is one comprising both residential and
Mixed-Use Properties and SDLT Read More »
Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital gains tax reliefs. The capital gains tax legislation treats the commercial letting of furnished holiday letting as a trade. This allows the FHL business access to certain reliefs which are
CGT Advantages of Furnished Holiday Lettings Read More »
If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some of it for development. However, from a tax perspective, there are considerations that you need to be aware of up front. Selling the Garden Vs Developing the Garden There
Selling the Garden for Development Read More »
Business rates are charged on non-domestic properties like shops, offices, warehouses, factories and holiday rentals or guest houses. However, if your property’s rateable value is less than £15,000 and your business only uses one property, you may be entitled to small business rate relief. Nature of the Relief The amount of relief to which
Are You Entitled To Small Business Rate Relief? Read More »
Even if you pay all your tax through PAYE, you may still need to complete a Self-Assessment tax return if you are a high earner. For 2022/23 and earlier tax years, this is the case if your income is more than £100,000. However, for 2023/24 onwards, the trigger threshold is increased to £150,000. Unless you
Do You Need to Complete a Tax Return? Read More »
The tax system contains a number of exemptions, some of which are more useful than others. One of the more valuable exemptions is that for mobile telephones. As long as the associated conditions are met, an employee can use an employer-provided mobile phone for private use without being taxed on the associated benefit. However, there
Mobile Phones – A Worthwhile Benefit Read More »
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