Posts by Nettie Buss
Furnished holiday lettings (FHL) tax regime will be changing from April 2025
Furnished holiday lettings (FHL) tax regime will be changing from April 2025 The tax advantages that landlords who offer short-term holiday lets have over those who provide standard residential properties, such as buy to let long-term tenancies is coming to an end. From April 2025 income and gains from a FHL will form part of…
Read MoreChanges to the registered office addresses rules
Changes to the registered office addresses rules There have been a number of changes made in recent months, one of which means that companies must have an ‘appropriate address’ as their registered office, or face fines of up to £1,000 – but what does this mean? It has to in effect pass the following tests…..…
Read MoreHMRC late payment interest cut by 0.25%
HMRC late payment interest cut by 0.25% The Bank of England cut the base rate to 5.0% on 1 August, which was the first reduction for over four years. This has triggered a cut in HMRC interest rates which are linked to the base rate, although this will take a few days to filter through…
Read MoreNew chancellor launches National Wealth Fund
New chancellor launches National Wealth Fund The new government is planning to create a National Wealth Fund to stimulate private sector investment backed by £7.3bn in funding through the UK Infrastructure Bank. The Chancellor, Rachel Reeves and business secretary, Jonathan Reynolds have instructed officials to immediately begin work to create the new National Wealth Fund by…
Read MoreID Verification for new businesses has been published
ID Verification for new businesses has been published The process to open a company through Companies House is changing as draft ID verification compliance rules are published. The rules mean that in future, potential business owners will have to follow stricter requirements to prove their identity when setting up a company, which is aimed at…
Read MoreMore than half a million UK taxpayers caught in 60% tax
More than half a million UK taxpayers caught in 60% tax The number of taxpayers paying 60% tax on a proportion of their income was 537,000 in 2022-23, which is up 23% from 436,000 in 12 months. The current income tax system means that people earning between £100,000 and £125,140 pay 60% income tax on…
Read MoreHMRC launches new VAT registration estimator
HMRC launches new VAT registration estimator HMRC has launched a digital tool to help businesses estimate what registering for VAT means for them. The VAT Registration Estimator has been developed after small businesses suggested that an online tool would be helpful to show when their turnover could require VAT registration and its effect on profits.…
Read MoreConstruction Industry Scheme (CIS) payment deduction statement
Construction Industry Scheme (CIS) payment deduction statement HMRC have withdrawn another service via the telephone systems meaning that in future, HMRC helplines will no longer deal with requests for payment deduction statements (PDS) for the Construction Industry Scheme. With immediate effect, requests will have to be made in writing to HMRC. In the past, contractors…
Read MoreWith only a week to go – are you ready to make your payment on account for self-assessment
With only a week to go – are you ready to make your payment on account for self-assessment The payments on account scheme is designed to help people better manage the cost of their tax bill by splitting the amount into two payments and spreading the payments across the year. However, missing the deadline can…
Read MoreHMRC and R&D tax enquiries
HMRC and R&D tax enquiries Most companies making a research and development (R&D) tax relief claim are likely to get a HMRC compliance check at some stage over the years. In the past,checks into research and development (R&D) tax relief claims were considered to be rare and usually linked to an error within a claim.…
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