Tax News and Updates

Holiday let property – reminder to check your occupancy stats

10-01-18

The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to qualify as a FHL, the following criteria need to be… Read more..

Who is entitled to claim statutory maternity pay?

10-01-18

Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year of… Read more..

The end of credit card payment surcharges?

10-01-18

From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised price of a transaction to consumers (widely known as surcharging). For example, a travel company charging more to use a credit card rather… Read more..

Basic monthly tasks if you run your own payroll

10-01-18

One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll. Generally speaking, you can: Run your own in-house payroll, or Hire your accountant to do the work for you. If you operate… Read more..

Can we claim for marketing, entertainment and subscription costs?

10-01-18

The self-employed are often concerned if an expense is allowable or not for tax purposes. In this article, we will briefly look at the rules for claiming marketing, entertainment and subscription costs. Most marketing expenses are treated as… Read more..

Changes to approved English apprenticeships

08-01-18

The Apprenticeships (Miscellaneous Provisions) Regulations 2017, which only apply in relation to England, will come into force on 15 January 2018. The new Regulations: make it a requirement that off-the-job training be provided during the… Read more..

Beware iTunes gift card scam

03-01-18

HMRC is warning members of the public of a worrying iTunes gift card scam. The fraudsters are cold calling victims purporting to work for HMRC and warning them that they owe HMRC large amounts of tax which they can only pay off using digital vouchers… Read more..

Staircase tax to be reversed

03-01-18

The Government has announced that the business rates anomaly known as the ‘staircase tax’ is to be axed. The 'staircase tax' affects businesses that operate in adjoining units or rooms, but are accessed from a communal lift, corridor or staircase.… Read more..

Relief if you let and then sell your home

03-01-18

One of the most often used and valuable of the capital gains tax (CGT) exemptions concerns the sale of the family home. As a general rule there is no CGT on a property which has been used as the main family residence. An investment property which has… Read more..

Fair payment practices for small businesses

03-01-18

In October 2017, Paul Uppal (a former Conservative MP and entrepreneur) was appointed to the newly-established post of Small Business Commissioner (SBC) based in Birmingham. At the time, it was estimated that the office of the SBC would be… Read more..

VAT when business transferred as a going concern

03-01-18

The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the… Read more..

Pre-owned assets income tax charge

03-01-18

The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets… Read more..