by Gary Woosey | Dec 19, 2022 | Tax
Understanding your income tax and personal allowance is important when looking at your finances and how you are taxed. Everyone has a personal allowance, but what does this mean for you? A personal allowance is the amount of money you are allowed to earn each tax year...
by Gary Woosey | Dec 7, 2022 | Tax
A furnished holiday let (FHL) is a particular type of rental property classification in the UK. If your property qualifies as an FHL, it is classed as a ‘trade’ by HM Revenue & Customs (HMRC), meaning you are entitled to various tax advantages. However, to be...
by Gary Woosey | Nov 22, 2022 | Tax
Landlords are being targeted by HM Revenue & Customs (HMRC) over what appears to be undeclared rental income or income related to residential property. HMRC’s Wealthy External Forum sent 606 letters to landlords who have submitted deposits into a tenancy deposit...
by Gary Woosey | Nov 16, 2022 | Tax
The message from the Chancellor, Jeremy Hunt, in the days before he rose to the despatch box in the House of Commons to deliver the Autumn Statement was clear; he would be outlining billions of pounds of tax rises and spending cuts. These spending cuts and tax rises,...
by Gary Woosey | Nov 15, 2022 | Tax
When it comes to running a business, you must keep up with the ever-changing industry you are a part of. It is important to be aware of any allowances you are missing out on, so that your company can reap the benefits. So, what support is on offer? Capital Allowances...
by Gary Woosey | Nov 8, 2022 | Tax
Capital Gains Tax (CGT) is a tax applied on the profit you receive when disposing of an asset. You are not taxed on the amount of money you receive, but on the gain you make. For example, if you bought something for £10,000 and sold it for £20,000, you’ve made a gain...
