Latest news

Making Tax Digital for Income Tax coming soon

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

Finance available for start ups

Did you know that there is finance available for start ups?   Starting in business can be an expensive task and a lot of businesses are not always aware of the funding that is available from the government to help with this.   Where to start The most popular is the government backed start up…

The end of Furnished Holiday Lettings

The recent Budget announcements will bring an end to the tax advantages afforded to the owners of Furnished Holiday Lettings (FHL) and set them apart from the owners of normal residential properties.   At present, qualifying FHL’s provide a number of tax advantages: Unrestricted tax relief for mortgage interest Entitlement to claim capital allowances, including…

Directors’ Responsibilities

What are directors’ responsibilities? As a director, you are legally responsible for running the company. This must be done in line with both the articles of association and Companies Act 2006.   A key role is to ensure that all statutory reporting requirements are met. This includes, but is not limited to: Filing the annual…

Don’t Delay: Farming Equipment and Technology Fund Deadlines

Earlier this week, DEFRA added the closing dates for the Farming Equipment and Technology Fund (FETF).   If you’re a farmer, horticulturist, forestry owner or contractor to the any of the aforementioned, and you’re looking to improve productivity, manage slurry or improve animal health and welfare through the use of new technology and equipment, don’t…

Removal of Multiple Dwellings Relief for SDLT

On 6th March 2024, the abolition of the Stamp Duty Land Tax (SDLT) relief known as Multiple Dwellings Relief (MDR) was announced. The Reasoning HMRC’s tax reliefs evaluation programme has determined that MDR has not satisfied its original objectives. They have concluded that there have been numerous cases where the relief has been abused and…

Rental Losses

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…

Self Assessment Scams

Beware of Self Assessment scams! More than 11.5 million tax returns have been submitted for the 2022/23 tax year and fraudsters are focusing on these. Taxpayers have reported to be receiving emails, phone calls or text messages offering a tax rebate. These are phishing scams and are designed to use your personal details for selling…

Marriage Allowance Deadline Looming

If you are married or in a civil partnership, you may be entitled to a tax refund of up to £1,256.   It has been reported that over 2 million qualifying couples miss out on the Marriage Allowance, despite it being really easy to apply. If the claim is made outside of the Self Assessment…

£30k grants available for East Cambs SME’s

The Cambridge and Peterborough Combined Authority have announced a new grant initiative, which they have initially funded with £310k. Grants of between £5k and £30k are available to businesses that meet the following key criteria: Project criteria: Safeguard jobs Bring new products to market Invest in new technologies, processes or measures to improve productivity Eligible…