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Felicity Feeney

Furnished Holiday Lets (FHL) HMRC Enquiry Risks

Small Business Tips Latest News
Furnished Holiday Lets (FHL) HMRC Enquiry Risks
The history behind a HMRC enquiry – business rates and Covid-19 Grants
  • FHL can opt to pay business rates as opposed to council tax.
  • In 80% of the UK the business rates are less than the council tax.
  • If the FHL owner has previously paid council tax and the FHL business rates criteria would have applied in the past, a backdated refund could be claimed.
  • Small Business Rates Relief (SBRR) could be claimed which may reduce the business rates to nil or reduce the amount to be paid. The SBRR varies depending upon which part of the UK the property is situated.
  • FHL owners may have been entitled to UK/local Covid-19 grants which are usually linked to the rateable value of the property.
  • Note - the business rates eligibility criteria differs from the FHL income tax/capital gains tax rules.
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    Felicity Feeney

    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim

    Accounts Small Business Tips Latest News
    Self-Employed Income Support Scheme (SEISS) 4th Grant Claim
    What period does the 4th grant cover?
  • February 2021 to April 2021 inclusive.
    • When can the 4th grant claim be made?
  • If you are eligible, HMRC should contact you around mid-April 2021 to provide you with a date from which you can make the claim through the Gov.UK online portal.
  • The final deadline for making the claim will be 31st May 2021.
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    Felicity Feeney

    Corporate Super Deduction

    Accounts Tax Latest News
    Corporate Super Deduction
    What is it?
  • It is a 130% first year allowance deduction for expenditure incurred in purchasing plant & machinery that would normally qualify for a main rate writing down allowance of 18%.
    •  
    When can you claim it?
  • You can claim it for expenditure incurred on or after 1st April 2021 up to and including 31st March 2023.
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    Felicity Feeney

    Company Car Review

    Latest News
    Company Car Review
    Vehicle Tax Changes
     
    In the past many considered a company car to be a perk of middle management and above with employers using a sliding scale of quality of cars as a carrot for harder work or longer hours.  But as the tax increases were used by successive governments to support greener policies by encouraging lower emission vehicles the prestige of a company car was often outweighed by the tax charges faced by the employee.  Company cars began to fall out of popularity. 
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    Felicity Feeney

    Pre Year End Tax Planning

    Accounts Tax Latest News
    Pre Year End Tax Planning
    With the tax year coming to a close in a month’s time, the time is now to take control of your taxes through effective and Bona fide planning.
     
    Unfortunately too many people address tax planning when it is too late. So when is too late? 
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