The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for certain tax purposes.
In order to qualify as a furnished holiday letting, the following criteria need to be
Partnerships are treated as transparent for Capital Gains Tax (CGT). This means that each partner is responsible for their share of any capital gains arising on the disposal of their interests in the assets of the partnership. Each partner is treated
A free HMRC tax app is available to taxpayers.
The APP can be used to see:
your tax code and National Insurance number
an estimate of the tax you need to pay
your income and benefits
up to 12 future tax credits payments
your Unique Taxpayer
It is important to be aware of the main basic business structures available if you are considering starting a new business. There are three commonly used forms of business structure.
A sole trader – this is the simplest way of starting and