Five common capital gains tax errors
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the …
Tax-free savings income in 2024/25
Up to certain limits, it is possible to enjoy some savings income tax-free. The extent to which this is possible depends on the rate at …
Cash basis by default
For 2024/25 and later tax years, unless they elect otherwise, unincorporated businesses must prepare their accounts and calculate their taxable profit using the cash basis. …
Should I sell before the end of the FHL regime?
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes …
Relief for replacement domestic items
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the property. They are …
HMRC revise stance on replacement boilers
In 2023, HMRC wrote to some taxpayers with property income asking them to check that the information provided in the property pages of their 2021/22 …
Post-cessation expenses – When and how are they allowable?                   Â
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is either registered as …
HMRC informers – How important are they in reducing the ‘tax gap’?
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 and …
Partnerships – Cessation on death of a partner
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is …
Taxation of company cars in 2024/25
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 …
VAT records – What do you need to keep?
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 …
New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. …
