Holdover Relief for FHL: Gift Your Holiday Let by April 2025
Gift your holiday let by 5 April 2025 to benefit from holdover relief for FHL If you own a furnished holiday letting (FHL) and are considering passing it on, acting before 5 April 2025 could allow you to take advantage of holdover relief for FHL. After that date, FHLs...
What to do if you cannot pay your tax bill
As the cost of living crisis continues to bite, you may find that come 31 January 2025 you are struggling to pay your Self Assessment tax bill. If this is the case, it is important that you do not bury your head in the sand – the bill will not go away and, with the...
VAT on Commercial Property Auction Purchases Explained
When Is VAT Charged on Auctioned Commercial Property? Not all commercial property sales attract VAT. Typically, the sale or lease of commercial property is VAT-exempt. However, VAT on commercial property auction purchases becomes relevant in two key scenarios: The...
Tax-Efficient Benefits in Kind: Smarter Pay Strategies for 2025
Tax-Efficient Benefits in Kind: Smarter Than Salary or Dividends? Tax-efficient benefits in kind are becoming a strategic alternative to salary and dividends for directors and employees seeking to reduce their tax burden. With updated HMRC rules and incentives for...
Local Accountants – Extension of MTD
Under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), sole traders and unincorporated landlords within its scope will be required to keep digital records of their trading and/or property income and provide quarterly updates to HMRC using...
Employer National Insurance Rise 2025 Explained
Understanding the Employer National Insurance Rise 2025 The Employer National Insurance rise 2025 announced in the Autumn Budget will take effect from 6 April 2025, significantly impacting payroll costs across the UK. From that date, the secondary Class 1 National...
Home Responsibilities Protection Guide 2025/26 | Trueman Brown
What was home responsibilities protection? From 6 April 1978 to 5 April 2010, the HRP scheme existed to help parents and carers build up entitlement to the state pension even if their paid work (and corresponding National Insurance contributions) was limited....
Home Office Tax Guide for UK Professionals | Trueman Brown
Tax Implications of Building a Home Office in the UK As flexible working becomes the norm, many professionals are investing in a home office to support remote work. Whether you're self-employed or a company director, understanding the tax treatment of such costs is...
Restart Child Benefit: HICBC Threshold Update April 2024
Restarting Child Benefit: What Parents Need to Know in 2025 Restarting Child Benefit has become a timely topic for many UK families following the recent changes to the High Income Child Benefit Charge (HICBC). If you previously opted out of receiving child benefit due...
Are Professional Fees Tax Deductible? | UK Tax Guide
Are Professional Fees Tax Deductible? A Guide for UK Businesses When running a business, professional services are often essential – whether it’s accountants, solicitors, or consultants. But a common question business owners ask is: are professional fees tax...