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...

The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their...

Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free....

The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some...

As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 National...

Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant...

As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June...

The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or...

As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make...

Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work...

Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by...