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Benefits of letting furnished holiday property

  • Posted On: 20 December 2017
Benefits of letting furnished holiday property The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. The FHL rules currently apply to individuals, partnerships, trustees and companies who

What are VAT special schemes?

  • Posted On: 20 December 2017
What are VAT special schemes? There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme is to simplify the way a business accounts for VAT

Longer or shorter company accounting periods

  • Posted On: 20 December 2017
Longer or shorter company accounting periods Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax purposes. The accounting periods can be the

Simplified cash basis for unincorporated landlords

  • Posted On: 20 December 2017
Simplified cash basis for unincorporated landlords The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in

Salary sacrifice changes from April 2018

  • Posted On: 20 December 2017
Salary sacrifice changes from April 2018 The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of

Are you paying tax at 60%?

  • Posted On: 20 December 2017
Are you paying tax at 60%? For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers as the

VAT rules for retailers using online marketplaces

  • Posted On: 20 December 2017
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply to overseas retailers that supply goods already

Auto-enrolment earnings trigger again frozen at £10,000 for 2018/19

  • Posted On: 20 December 2017
Auto-enrolment earnings trigger again frozen at £10,000 for 2018/19 Following its annual review of the pension automatic enrolment earnings trigger and qualifying earnings band, the government has decided that the earnings trigger will again remain at £10,000 for 2018/19. The earnings trigger determines at what point

Changes to the basic disclosure process

  • Posted On: 20 December 2017
Changes to the basic disclosure process From January 2018, the Disclosure and Barring Service (DBS) is making some important changes to the basic disclosure process relating to criminal record checks. From next month, individuals who need to obtain a basic disclosure check for a job in

Tax is changing in Wales next year

  • Posted On: 13 December 2017
Tax is changing in Wales next year From next April, Wales will join Scotland in becoming responsible for some of the taxes paid locally. This will begin with the introduction of the new Welsh land transaction tax (LTT) which will replace the UK stamp duty land tax (SDLT) as well as