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It is usual for a landlord to require a deposit from a tenant as security against damage to the property. This cannot be more than five weeks’ rent where the annual rent is less than £50,000 or more than six weeks’ rent where the annual rent is more than £50,000. The landlord can also ask
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Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on time and allows bad debt relief to be claimed by businesses that have already paid VAT to HMRC on sales invoices that remain unpaid. How bad debt relief is allowed
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Class 2 National Insurance contributions are flat-rate contributions for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed the relevant trigger threshold. For 2023/24 and 2022/23, the liability to pay Class 2 contributions arose where profits exceeded the lower profits threshold (set at £12,570 for 2023/24). For those years, self-employed
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There are three ways in which former students with student or post-graduate loans can make loan repayments: from deduction from their wages or salary through the PAYE system; to HMRC through the Self Assessment system; or direct to the Student Loans Company (SLC). Students will normally start making repayments from the start of the tax
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Landlords with furnished holiday lettings (FHLs) are living in uncertain times. At the 2024 Spring Budget, it was announced that the favorable tax regime for FHLs would be abolished from 6 April 2025. However, the legislation has yet to be enacted, and it remains unclear if it will see the light of day. Landlords of
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The VAT flat rate scheme is simple for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers and that incurred on business purchases to HMRC, traders using the flat rate scheme instead pay a fixed percentage of their VAT-inclusive turnover to HMRC. The percentage depends on the sector in which
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