Blogs

Letting of property in the UK is not a trade for tax purposes and income from such activity is taxed as property income. However from early 1980s on UK tax laws allowed furnished holiday lettings (FHL) to be treated as a trading activity. This meant that FHL businesses enjoyed several

Companies resident in the UK and companies not resident in the UK but carrying on a trade through a permanent establishment, branch or agency in the UK have a legal obligation to file Company Tax Return with HMRC. This obligation is created when HMRC issues a ‘notice to deliver a

HMRC has now issued a technical note explaining in detail the new National Insurance Holiday for news businesses proposed in the June 2010 budget. A bill, to this effect, to be introduced this autumn is expected to become law early 2011. The holiday runs from 22 June 2010 to 05

All companies and organisations will have to file their corporation tax return online for any accounting period ending after 31 March 2010. From 1 April 2011 onwards companies and organisations will have to pay any corporation tax and related payments due electronically. Basically, the rules on calculating the corporation tax

Corporation tax: Small companies will now pay 20% (instead of the current 21%) from April 2011. Large companies with a taxable profit of more than £1.50 million will pay 28% in the year 2010, 27% in 2011, 26% in 2012, 25% in 2013, and 24% in 2014 Income tax: Personal

Now on HMRC will be charging late payment penalties from all employers and contractors – whether you employ one or several hundred employees or subcontractors. The penalty applies to monthly, quarterly and annual periods of PAYE starting on or after 6 April 2010 and not paid in full on time,

Online filing Online filing of VAT returns and electronic payment of VAT is mandatory for all those who: a) Have become VAT-registered on 1st April 2010 or later b) Have already been VAT-registered and have a net annual turnover (excluding VAT) of £ 100,000 or more Cheque payments VAT payments

This is one of the rare appeals to be heard by the First-tier Tribunal where the subject of appeal is not about tax. The Money Laundering Regulations 2007 (Regulations) require a relevant business to register with a supervisory authority, so as to establish and maintain procedures for detecting and deterring