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…
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 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…
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…
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…
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…
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…
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…
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…