In October 2024, HMRC announced the abolition of the furnished holiday lettings tax regime. This significant policy change is set to take effect from April 2025, marking a pivotal shift in how short-term rental properties are taxed within the UK property business landscape. The new regulations aim to align the tax treatment of furnished holiday […]
Tax Regime end of Furnished Holidays, Things to know Read More »
Effective management of restricted and unrestricted funds is essential for UK charities to maintain financial health, comply with regulatory standards, and uphold donor trust. Mismanagement can lead to penalties or reputational damage. This guide outlines the best practices for segregating and reporting these funds while ensuring compliance with UK charity regulations. Understanding Restricted vs. Unrestricted
Manage Restricted and Unrestricted Funds for UK Charities Read More »
When it comes to managing finances, finding an affordable accountant who still delivers competent, reliable service can make a big difference to your bottom line. However, not all “cheap” accountants are created equal. If you’re looking for budget-friendly accounting services, an AAT-registered accountant can provide exceptional value without high costs. AAT (Association of Accounting Technicians)
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If you’ve been working in the UK as an employee and had tax deducted from your pay, but you’re planning to leave the UK partway through the tax year, you might be eligible to reclaim some of the tax that was taken from your earnings. The UK operates a “pay as you earn” (PAYE) system
How to Recover UK Tax When Leaving the UK Mid-Tax Year Read More »
Discover how Director Loan Accounts work and what Section 455 tax means for UK business owners. Learn key rules, repayment timelines, and tax implications. Outline What is a Director Loan Account? Types of Director Loan Accounts What is Section 455 Tax? How Section 455 Tax Works? Example of Section 455 Tax Interest on Director Loans
Director Loan Accounts and Section 455 Explained Read More »
If you’re self-employed or run a small business in the UK, managing your expenses is an important part of saving money on taxes. One way to make this easier is by using simplified expenses. These are flat rates set by HMRC, so you don’t have to work out exact costs or keep loads of paperwork.
Simplified Expenses for UK Taxpayers: What You Can Claim Read More »
That is all about to change with the development of the country toward a more digitized economy and how taxes are managed; that surely will change the face of obligation for all self-employed workers and small-scale businesses. The scheme involved is Making Tax Digital, which would give face to a new manner of filing tax
Implication of Making Tax Digital on Income Tax Read More »
Outline Should you voluntary register for VAT? What is VAT? Voluntary VAT Registration Benefits of Voluntary VAT Registration Disadvantages of Voluntary VAT Registration How to Register for VAT Working out VAT Returns Conclusion FAQs (Frequently Asked Questions) Should you voluntary register for VAT? Put simply, VAT happens to be a major factor in UK business
Should you voluntary register for VAT? Read More »
Outline What is a UTR When Do You Need a UTR? How to Get a UTR from HMRC What to do If You Lose Your UTR? Things to keep in Mind How FAAS Accountants Can Help? What is a UTR? A Unique Taxpayer Reference (UTR) is a 10-digit number issued by HMRC (Her Majesty’s Revenue
Outline Introduction What Are Pre-Trading Expenses? Can You Claim These Expenses? How to Claim Pre-Trading Expenses Conclusion FAQs (Frequently Asked Questions) Can Sole Traders in the UK Claim Pre-Trading Expenses? Starting a business as a sole trader in the UK involves a range of costs even before you officially begin trading. These expenses, known as
Can Sole Traders in the UK Claim Pre-Trading Expenses? Read More »
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