Sinclair Day

November 13, 2019

Furnished holiday let qualifying tests

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
November 13, 2019

Tax when partnership assets are distributed in kind

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
November 13, 2019

HMRC’s tax app

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
November 13, 2019

Basic business structures

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