Buy to let or furnished holiday letting?

When looking for an investment property, there are various decisions that need to be made. If the intention is to let the property, one consideration is whether to go down the buy-to-let route or whether to look at a holiday let. From a tax perspective, holiday lets that qualify as furnished holiday lettings have their…

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How does a directors’ loan account (DLA) work?

What is a DLA? A ‘Directors Loan Account’ (DLA) is an account in the company’s financial books that records all transactions between a director who is a participator (or another participator) and the company.Directors Loan Account’ (DLA) is an account in the company’s financial books that records all transactions between a director who is a…

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Fab5 Feature – May

Welcome! With further restrictions being lifted from Monday, it felt right for this month’s Fab5 feature to be focussed on recovery. This month’s feature includes an article from one of our retail clients, an introduction to our newest team member and details of the Recovery Loan Scheme and reduced VAT. Pop the kettle on and…

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Reduced rate of VAT

To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in September last year, the Chancellor announced that…

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Client spotlight: Non Essential Retail

With clients in both the retail and hospitality sector, we have witnessed first-hand the impact the last year has had on said businesses. No two businesses have been affected in the same way and every business owner has their own story to tell. To the relief of many, non- essential retailers were permitted to reopen…

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Restart Grants and Recovery Loans

As lockdown restrictions are eased, businesses may need help to re-open and to recover from the impact of the pandemic. Depending on the nature of the business, they may be eligible for a Restart Grant or a Recovery Loan. Restart Grants The Restart Grant Scheme provides support to help businesses that were required to close…

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CIS compliance for property developers

The Construction Industry Scheme (CIS) is a scheme whereby contractors of building firms are required to deduct tax at source from payments made to sub-contractors working for them. Some sub-contractors are entitled to be paid without any tax deduction, others at 30% as per HMRC’s instructions but the majority have 20% tax withheld before payment.…

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Running a car on the company – What you need to know.

Running a car on the company – Benefit in kind, car allowance, company fuel cards Despite successive Governments changing the rules to increase the tax take, the provision of company cars remains one of the more popular benefits an employer can give to an employee. Our clients often speak to us about the various options…

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Take advantage of the enhanced carry back of losses

Many businesses have suffered losses as a result of the Covid-19 pandemic, and where a business has made a loss, various options are available to obtain relief for that loss. The challenge is to make the best use of the loss. To help loss-making businesses, legislation is to be introduced to increase temporarily the period…

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Super-deduction for capital expenditure

To encourage companies to invest, enhanced capital allowances are available for expenditure incurred within a limited two-year window. As an alternative to the annual investment allowance (AIA), companies will be able to benefit from either a super-deduction or a new first-year allowance, depending on whether the expenditure is on assets that would qualify for main…

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