
Holiday Homes - Meeting your tax obligations
HMRC have sent ‘nudge’ letters to individuals who they believe have undeclared income from letting holiday homes and short term lets on sites such as Airbnb and Booking.com.
Key dates
If you have received income from holidays lets you…

Child Benefit - High Income Charges
You are able to claim child benefit if you are responsible for bringing up a child under the age of 16, or under the age of 20 where the child stays in approved education or training. However, some or all of the child benefit that you receive…

Voluntary National Insurance Contributions
Class 3 National Insurance contributions are voluntary contributions which an individual can choose to pay to increase their entitlement to the state pension. Individuals who have gaps in their contribution record from 2006/07 to 2015/16 have…

Super Deductions ends on 31st March 2023
In 2021, the UK government introduced a new tax relief scheme called the 'super deduction' to encourage investment by businesses. Under this scheme, companies were able to claim a 130% tax relief on qualifying investments in plant and machinery.
The…

HMRC - Responses by SMS text messages
Individual callers to some HMRC helplines from mobile phones may find that rather than speaking with an adviser they are now sent an SMS text message directing them to online services and guidance.
Key dates
Since 19 January 2023, HMRC have…

HMRC Penalties - The impact of taxpayers behaviour
HMRC has wide-ranging powers to charge penalties for late and incorrect returns. Where errors are made on returns and other paperwork which understate the tax or misrepresent the tax liability, whether a penalty is charged and the amount of…

Which way to turn? Coping with financial challenges
This update sets out some of the business and personal financial challenges for 2023-24, and a few ideas for countering these challenges.
The challenges for business owners
The combination of rising energy bills, high inflation, recession…

Business Profits Review 2022-23
The checklist that follows this introduction is relevant for any business structure: sole trader, partnership, or limited company. Where there are ideas listed that are only applicable to one of these three, this will be highlighted in the text.
The…

Business Tax Review 2022-23
The Basics:
Whether you are self-employed or have your own company your periodic business tax payments will always be based on yearly trading profits and other chargeable gains made in the same period.
If you run your business through…

Energy Bills Discount Scheme - What you need to know
The Energy Bill Relief Scheme (EBRS) provides non-domestic energy customers with a discount on their gas and electricity unit prices. The discount is calculated by comparing estimated wholesale element of the unit price with a baseline Government…



