Dreaming of an Overseas Holiday Home? Consider UK Tax Implications… When summer fades into a distant memory and winter is on the horizon, many of us dream of the sand, sea, and sunshine an overseas holiday home can bring, without much thought to the UK tax implications of owning […]
Tag Archives: Tax Advice
04
Sep
Sep
Nobody likes to do tax returns but there are actually some pretty good reasons to do your tax return before the deadline and get it out of the way. Avoid Last-Minute Stress: Getting it done well before the deadline reduces the pressure and stress associated with the tax deadline. […]
Blog, Family, Financial Planning, Tax, Taxable Benefits
High Income Child Benefit Charge (HICBC) Updates: What You Need to Know
04
Sep
Sep
High Income Child Benefit Charge (HICBC) Updates: What You Need to Know Starting from 6 April 2024, significant changes to the High Income Child Benefit Charge (HICBC) have been introduced. These updates could reduce your tax burden and bring welcome financial relief to many families. Here’s a breakdown of the […]
29
Jul
Jul
Following Keir Starmer’s recent appointment as Prime Minister, we would like to provide you with a summary of the Labour Party’s main tax plans, which we are aware of. With so many claims and counterclaims made by all political parties in the run-up to the General election, it may be […]
18
Jul
Jul
There are proposed changes to the tax rules relating to Furnished Holiday Let (FHL) accommodation. For many years taxpayers who own holiday homes which are let out to the public on a commercial basis have benefitted from numerous tax reliefs, providing they meet the conditions of a “Furnished Holiday […]
20
May
May
As the tax season approaches you may be confused over the changes with the tax basis period reform, particularly if you have a financial year that doesn’t align with the standard 31 March or 5 April. There has been some misunderstanding regarding whether businesses can distribute excess profits if […]
15
Apr
Apr
What happens if you don’t file your tax return on time? You should have filed your 2023 Personal Tax Return and Partnership Tax Returns by 31 January 2024. If you did not file on time HMRC will charge an automatic £100 penalty to individuals. For a late submission of a […]
05
Dec
Dec
As a chartered accountancy firm dedicated to delivering exceptional service and results, we are proud to be members of the UK200Group, a professional services association of quality assured chartered accountancy, law, and tax led firms with a strong sense of independence. Our membership not only endorses our commitment to maintaining […]
06
Nov
Nov
Taxation is a critical aspect of running a business, and understanding its complexities is essential for limited company owners. Our comprehensive guide ‘Running a Limited Company: A practical guide for business owners’, provides a breakdown of key business tax considerations, including dividend tax, VAT, National Insurance Contributions (NICs), Corporation Tax, […]
01
Nov
Nov
Let’s delve into the fascinating realm of the UK tax treatment of Furnished Holiday Lets (FHLs). If you’ve ever dreamt of turning your cozy cottage or charming apartment into a holiday retreat, you’re in the right place. Here we will untangle the complexities of tax rules and discover how FHLs […]