What counts as holiday accommodation?

Posted on 23rd Nov 2023

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be treated for VAT purposes. In addition, the notice covers the VAT treatment of holiday accommodation such as caravans and camping...[more]

The badges of trade

Posted on 23rd Nov 2023

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby. Careful consideration needs to be given to deciding whether a hobby has become...[more]

Income Tax - £5,000 savings zero rate band

Posted on 23rd Nov 2023

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the...[more]

CGT - Lettings relief

Posted on 23rd Nov 2023

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement...[more]

IHT – Giving away your home before you die

Posted on 23rd Nov 2023

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt...[more]

Autumn Statement 2023: The Key Points

Posted on 22nd Nov 2023

On Wednesday 22 November 2023, Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of living crisis continues. The Chancellor remarked that inflation fell to 4.6%...[more]

Fuel price watchdog sharpens its teeth

Posted on 21st Nov 2023

UK motorists will be protected at the pumps under tough new powers that will shine a light on any attempt from retailers to unfairly hike up fuel prices. Under new amendments tabled on 15 November 2023, to the Digital Markets, Competition & Consumers Bill, the CMA will...[more]

£4.5bn for British manufacturing from 2025

Posted on 21st Nov 2023

The government has announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments. Over £2 billion has been earmarked...[more]

Global Entrepreneurship Week 2023: Meet the teenager who is harnessing the power of youth culture to drive social change

Posted on 16th Nov 2023

In celebration of Global Entrepreneurship Week, we spoke to our client Jenk Oz about his experience of entrepreneurship and why there is no time like the present when it comes to starting your own business. Jenk is a London-based entrepreneur, public speaker and social change...[more]

Time to Pay tax

Posted on 16th Nov 2023

If you are having trouble paying your tax on time you may be eligible to receive support from HMRC. An online payment plan for Self-Assessment tax bills can be used to set up instalment arrangements for paying tax liabilities of up to £30,000. Taxpayers that want...[more]

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