What happens if your rental or Furnished Holiday Let (FHL) business makes a loss in the tax year and how can you use these losses to save tax. For a business to make a taxable loss, the taxable expenses will be higher than the taxable income. These losses can be used in a few…
‘How to pay your Self Assessment Tax’ will be a question that many people are asking with the payment deadline of 31st January 2024 just around the corner. It is important to ensure your payment is made by the 31st January to avoid any late payment interest which HMRC charge daily. For…
As we are a Xero Platinum member, members of the Whitings Team were invited to their office in Milton Keynes where our hosts, Jamie and Claire, could show and explain to us how we can further use Xero and it’s supporting apps to assist our clients in their business journeys. A Bit About Xero…
HMRC implemented the personal tax account back in 2015 with every UK taxpayer having their own personal tax account. However, an ever-larger percentage of the working population are unaware of their tax account and the importance of checking it regularly. What is a personal tax account and benefits of using it regularly: Your…
In the past few months HMRC have been issuing an increased number of ‘One to Many’ nudge letters to individuals who they feel should be completing a self-assessment tax return or have filed an incomplete self-assessment tax return. A “One to Many” letter is HMRC’s way of sending one nudge letter to many clients allowing…
While you may be pleased that the value of your home is increasing, it may also mean that you need to consider the effect that the increased value may have on Inheritance Tax. The number of people being caught by Inheritance Tax has increased by over 35% within the last year, mainly due to…