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The advantageous tax regime for furnished holiday lettings (FHLs) is set to end on 5 April 2025. After this date, landlords of FHLs will lose access to valuable capital gains tax (CGT) reliefs, including gift hold-over relief. If you’re considering passing on your holiday leave, acting before the deadline could save you significant tax liabilities.
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Introduction With rising interest rates and the impact of stealth taxation, many individuals are finding themselves paying taxes on their savings income for the first time. Individual Savings Accounts (ISAs) present an excellent opportunity to shield investment income from taxation. Offered by various financial institutions, including banks, building societies, stockbrokers, and crowdfunding platforms, ISAs are
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Introduction Historically, the most tax-efficient way for sole directors/owners to withdraw money from their company has been through a mix of salary (up to the employer’s secondary National Insurance Contributions (NIC) limit) and dividends. However, changes since July 2022 have introduced scenarios where taking benefits in kind (BIK) could offer a more favorable alternative. This
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Stamp Duty Land Tax (SDLT) is charged at different rates depending on the purchased property type. Residential properties are taxed at residential rates, while non-residential or mixed-use properties attract non-residential rates. For a property to qualify for residential rates, it must either be currently used as a dwelling, suitable for use as a dwelling, or
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Understanding Taxable Profit As a self-employed individual, your taxable profit forms the basis of your tax liability. You can reduce this taxable profit by deducting specific expenses incurred in the operation of your business. The fundamental guideline is that any expense must be incurred wholly and exclusively for business purposes to qualify for a deduction.
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Understanding Benefits in Kind (BIK) Benefits in kind (BIK) refer to goods and services provided to employees (or their family members) either for free or at a significantly reduced cost. The nature of these benefits and how they are provided can influence the tax and National Insurance Contributions (NICs) to be paid and the reporting
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