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When setting up in business, most people weigh up the pros and cons of operating as an unincorporated business or a limited company. However, there is another option where more than two persons are involved – to operate as a limited liability partnership (LLP). One of the main reasons for the government creating the LLP […]

As part of HMRC’s Making Tax Digital initiative, the existing method of calculating profits on an accounting year basis is to be abolished for the self-employed and partnerships. From April 2024, all such businesses will be taxed on profits for the tax year. To facilitate this move, the current 2023/24 tax year is deemed a

For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important as it determines the rates at which SDLT is charged. Recently, there has been a slew of cases concerning mixed-use properties. A mixed-use property is one comprising both residential and

Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital gains tax reliefs. The capital gains tax legislation treats the commercial letting of furnished holiday letting as a trade. This allows the FHL business access to certain reliefs which are