27/May/2024Partnerships – Cessation on death of a partner
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is commonly chosen to set up […]
23/May/2024Should I sell before the end of the Furnished holiday lettings regime?
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes to capital gains tax as […]
17/May/2024Post-cessation expenses – When and how are they allowable?
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is either registered as dormant or its directors can […]
14/May/2024Taxation of company cars in 2024/25
A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets […]
11/May/2024VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to enable you to calculate the […]
09/May/2024New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. The changes in the thresholds […]
06/May/2024Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition or the provision of services, […]
02/May/2024Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside your company, for example, to […]
29/Apr/2024Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable value. However, there are a […]
23/Apr/2024Reduction in higher rate of capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also have a shorter window in […]
19/Apr/2024Reform of the High-Income Child Benefit Charge
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted net income in excess of […]
18/Apr/2024Make the most of your Individual Savings Account allowance
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free. Where this is the case, it is prudent […]
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