Most property owners who let property under the Furnished Holiday Let (FHL) tax rules, submit their income and expenditure details on their tax return each year. This article considers occupancy, and the need to review occupancy of FHL properties each year. If your FHL business accounts year is the end of the tax year, 31…
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Tax Diary February/March 2020
1 February 2020 - Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 - PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19 February 2020 - Filing deadline for the CIS300 monthly…
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Current Advisory Fuel Rates
To assist with your calculations, see previous article, we have reproduced below the current, HMRC Advisory Fuel Rates. They are: These rates apply from 1 December 2019. Engine size Petrol - amount per mile LPG - amount per mile 1400cc or less 12 pence 8 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc…
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Pay-back to save tax
At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for…
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