Tax News

End your FHL business by 5 April 2025 to benefit from existing reliefs

End your FHL business by 5 April 2025 to benefit from existing reliefs

Date posted: 27th Mar 2025

The favourable tax regime that applies to landlords letting furnished holiday accommodation comes to an end on 5 April 2025. For 2025/26 and later tax years, furnished holiday…

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Relief for interest on mixed residential and commercial properties

Relief for interest on mixed residential and commercial properties

Date posted: 27th Mar 2025

The way in which unincorporated landlords obtain relief for interest depends on the nature of the property that they let. Where the property is a commercial property, the…

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Making Tax Digital for individuals – it’s coming…

Making Tax Digital for individuals – it’s coming…

Date posted: 27th Mar 2025

From April 2026, some individuals will be required to comply with Making Tax Digital (MTD). This will apply for those individuals who have a combined annual income from…

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Sold a residential property – don’t forget the 60-day reporting deadline

Sold a residential property – don’t forget the 60-day reporting deadline

Date posted: 27th Mar 2025

For almost five years now, HMRC have required individuals to report sales of UK residential property within 60 days of the sale. This applies for UK residents where…

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REMINDER – PLEASE SEND US HMRC CORRESPONDENCE

REMINDER – PLEASE SEND US HMRC CORRESPONDENCE

Date posted: 19th Feb 2025

We have noted on certain occasions HMRC have not replied to our correspondence, instead replying to the taxpayer as if they had written the letter, we have sent…

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Starting a business as a sole trader

Starting a business as a sole trader

Date posted: 17th Feb 2025

When starting a business, there are various decisions to make and tasks to perform.

One of the first questions to address is whether to run the business as a sole trader, whether to set up a partnership with others or whether to form a company.

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HMRC are recruiting – what does this mean?

HMRC are recruiting – what does this mean?

Date posted: 17th Feb 2025

It is understood that HMRC are recruiting 5,000 more tax officials over the next five years to help reduce the “tax gap.

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Member’s voluntary liquidations – watch for the “phoenix rules”!

Member’s voluntary liquidations – watch for the “phoenix rules”!

Date posted: 17th Feb 2025

The end of the tax year is approaching and there are planned changes to capital gains tax rates from 6 April 2025

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Due to receive a bonus?  – watch for the 60% tax trap!

Due to receive a bonus? – watch for the 60% tax trap!

Date posted: 17th Feb 2025

A lot of businesses will pay high performing employees a year-end bonus before the end of the tax year.

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Over one million tax returns were filed late – HMRC due a windfall!

Over one million tax returns were filed late – HMRC due a windfall!

Date posted: 13th Feb 2025

We understand that an estimated 1.1 million taxpayers did not file their 2023/24 tax returns by the due date of 31 January 2025.

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