Business
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 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.…
Read MoreVenture Capital Trusts and Enterprise Investment Schemes – tax breaks explained.
Venture Capital Trusts and Enterprise Investment Schemes – tax breaks explained. Investing in new and usually unquoted companies offers a number of tax breaks for investors in venture capital trusts (VCT’s) and the enterprise investment scheme (EIS). It is often an overlooked fact that both VCTs and EIS tax-advantaged investments have been extended to 2035.…
Read MoreDo you keep your savings under the mattress??
Do you keep your savings under the mattress?? Figures announced claim that a staggering quarter of a trillion pounds is sitting in low interest bank accounts with rates of under 1%. While savers are clearly losing out, they also risk facing an unexpected tax bill as income tax is charged on all bank interest unless…
Read MoreEU e-invoicing rules
EU e-invoicing rules Electronic invoicing and real-time tax reporting are coming and will fundamentally change the way businesses operate. Businesses of all sizes will soon have to issue and accept e-invoices, a standardised electronic form of invoice, and report them to national tax authorities in real-time in an effort to streamline data reporting, improve tax…
Read MoreSelf employment and Partnerships – HMRC has clarified transition profit
Self employment and Partnerships – HMRC has clarified transition profit HMRC have now issued guidance on how to work out ‘transition profit’ for the 2023 to 2024 tax year under basis period reform – but what does this actually mean? This change in reporting for the self-employed and partnerships came into effect from April 2024…
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