HMRC have noticed an increase in claims for Stamp Duty refunds that are incorrect In fact, new homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. Claims are failing HMRC checks The…
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Holiday lets – occupancy and benefits
There are a number of tax incentives if you own and let a furnished holiday lets property (FHL). They include: Claiming Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Business Asset Disposal Relief, relief for gifts of business assets and relief for loans to traders), Entitlement to claim capital allowance deductions for…
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Employing students in the summer break
If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules. Students should be advised that they will pay tax and NIC if: they earn more than £1,048 a month on average, and pay NIC if…
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Stock holding and inflation
If your business processes materials or assembles goods for sale it will need to keep a stock of items to ensure that future sales can be met. Ideally, stock levels should be kept to a minimum such that hard won cash reserves are not tied up unnecessarily. You will need to manage stocks to cover…
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