Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, ...
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Structures and Buildings Allowances

The Structures and Buildings Allowances (SBA) allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings ...
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ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are ...
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When you are required to register for PAYE

There are a multitude of rules that new businesses must follow when they start employing staff for the first time ...
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Holiday lets occupancy check

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a ...
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Reminder to look out for tax credit renewal packs

HMRC is currently sending the annual tax credit renewal packs to some 2.1 million tax credit claimants and is encouraging ...
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IHT business asset relief

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone ...
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Exchange of joint interests

HMRC’s internal manuals consider the reliefs available where there is an exchange of joint interests in land. The manuals state ...
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Writing off a director’s loan

An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company ...
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Tax benefits of switching to electric cars

There are many benefits to encourage the use of electric cars including lower running costs, the environmental advantages and reduced ...
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Builders – when you may not have to charge VAT

VAT for most work on houses and flats by builders and similar trades, like plumbers, plasterers and carpenters, is charged ...
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Mortgage interest on rented property

Under new rules that came into effect from April 2017 the tax relief on mortgage costs for residential landlords was ...
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Check which EORI number is required

The Economic Operators' Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses ...
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Accountancy expenses arising out of an enquiry

HMRC’s internal manual offer some revealing insights as to the treatment of accountancy expenses arising out of an enquiry. As ...
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PAYE settlement agreements

A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance ...
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Tell HMRC if your company is dormant

If a company has stopped trading and has no other income, then the company is usually classed as dormant for ...
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Reclaiming VAT

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the course and furtherance of ...
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Paying staff on jury service

If you have staff that have been called up to serve on a jury, then you must allow them the ...
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