HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour on the...

If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done...

The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished...

Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that...

If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If...

The way in which you operate your business determines the taxes that you pay and also your reporting obligations. If you work for...

To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or...

The deadline for filing your 2023/24 Self Assessment tax return online is 31 January 2025. An earlier deadline of 30 December 2024...

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...

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...

The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to...

Small earnings from self employment

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...

Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The...

Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the...

In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of...

When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it...

The 'tax gap' is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue...

Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by...

A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether...