Furnished holiday lettings have tax benefits that are not available to landlords of residential lets. However, to qualify as a holiday let, certain conditions must be met. The three tests There are three tests to pass for the let to be treated as a furnished holiday let for tax purposes. These are: the pattern of […]
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Under the original plans, landlords with rental income (or combined rental and business income) of more than ยฃ10,000 would have needed to comply with Making Tax Digital for Income Tax (MTD for ITSA) from 6 April 2024. However, the start date has now been delayed, and its introduction is to be phased in. Phased introduction
Companies and self-employed businesses with a turnover exceeding ยฃ150,000 a year are obliged to prepare their accounts using the โaccrualโ basis of calculating profits i.e. recognising the income received and expenses paid on an invoice basis, regardless of whether or when the cash is received. Such a method of calculation may result in some customers
Most directors know that as of 1 April 2023, companies with taxable profits in excess of ยฃ250,000 will pay corporation tax at the main rate of 25%. Companies with taxable profits of ยฃ50,000 or less will still be charged at 19% and those with profit levels between ยฃ50,000 and ยฃ250,000 will pay tax at 25%,
