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Furnished Holiday Lets (FHL) HMRC Enquiry Risks

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

    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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    Business Repercussions following the Uber case

    Business Repercussions following the Uber case
    What was the case all about?
  • Two former Uber drivers took Uber to court and successfully won the argument at the Supreme Court to be treated as workers rather than self-employed.
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    Covid-19 VAT Deferral New Payment Scheme (VDNPS)

    Covid-19 VAT Deferral New Payment Scheme (VDNPS)
    Who is it aimed at?
    • Businesses who deferred their VAT payments due between 20th March 2020 and 30th June 2020 and have yet to pay it over to HMRC.
    What 3 options are presently open to these businesses?
    • Pay the deferred VAT over in full on or before 31st March 2021.
    • Opt into the VDNPS online service between 23rd February 2021 and 21st June 2021.
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    How to make sure that transfer of a property between group companies is really tax free

    How to make sure that transfer of a property between group companies is really tax free
    How to avoid a tax headache when transferring property between group companies. Businesses often look to hold their business premises in a separate company from their trading company as there may be a higher risk of financial claims being made against the trading company. The usual strategy is to form a holding company to own the assets as this can provide protection in the event of such claims. Before transferring properties to a holding company careful consideration needs to be given to the tax consequences.
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