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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
A&C Chartered Accountants firmly believe in businesses keeping proper books of account. There is no excuse for keeping poor books. We would go as far
2024 marked the first year that digital platforms like Amazon, eBay, and Etsy were required to report seller information to HMRC
Why should accounting and tax professionals take a walk in the cloud Most of us generally make use of ‘the cloud’ in our daily personal
One of the few changes announced on 23 September that has not been reversed concerns Stamp Duty Land Tax (SDLT) in England and Northern Ireland.
Resurfacing – Repairs or Capital? Any business owner whose property includes a road, driveway, or parking area, will have to repair those surfaces at some
Corporation tax rates and thresholds remain at the levels used in the year to 31 March 2024 as follows:
On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000.
As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in the same way as other residential property businesses.
The new inheritance tax relief for passing on the family home is protected even when you downsize to a smaller property. For example, if a
If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during
ATED applies to companies and other ‘non-natural persons’ that own UK residential properties valued at over £500,000. The tax is based on the property’s value, unless an available relief is claimed.
Normally a residential rental property would be subject to a 28% capital gains tax (CGT) rate on its disposal. However, if it qualifies as a furnished holiday let (FHL) then the capital gains tax rate can be reduced to 10% by taking advantage of Business Asset Disposal Relief (BADR). It may be possible to make a non-FHL into an FHL for the two years prior to disposal and then enjoy BADR on the whole gain.
If you sold a property in the UK on or after 6 April 2020: You must report and pay any Capital Gains Tax due on UK residential property within:
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole.
The capital gains tax (CGT) annual exemption will drop to £3,000 in 2024/25, down from £6,000 in 2023/24. This change will mean that those selling capital assets such as property or shares will pay more tax.
Changes to inheritance tax were announced in the Budget that have caused consternation and resulted in protests by farmers and business owners across the UK. What exactly is changing and what could this mean for you?
If you’re planning a BADR-qualifying disposal, it’s crucial to get advice early. Speak to our team today to ensure you’re making the most tax-efficient decisions.
The VAT classification of food and drink has long been a contentious issue, and legal cases continue to shape HMRC’s approach.
HMRC has recently issued updated guidance on the classification of Double-Cab Pickup (DCPU) vehicles, impacting tax treatment for car benefits, capital allowances, and business deductions.
From 1 July 2024, HMRC is going to reclassify double cab pick-ups as ‘cars’ for employment benefit and capital allowance purposes. Pick-ups acquired or ordered before 1 July will benefit from a transition period.
For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states: “Motor car” means any