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Taxation of Furnished Holiday Lettings

Rather than bore you with another “Emergency” Budget Summary, and many of us including me have been inundated with very similar emails and documents containing the “key” facts, I am going to be picking out and expanding on a few items of interest. I think Furnished Holiday Lettings are a good place to start because they are an area of entrepreneurial potential and should be of interest to many.

In the 2009 Budget Chancellor Darling announced that the special arrangements distinguishing Furnished Holiday Lettings (FHL) from other types of letting … Continue Reading

Amateur tax management and why businesses need professional tax advice

I had a telephone call this week from a chap who said “I am phoning because I want to start a company”. My immediate reaction after thanking him for the call was to ask why he needed a company, if he meant a limited company. This is because from the tax point of view it is not necessarily a good idea to have a company, and there needs to be a commercial reason if profits are going to be limited initially or there might be trading losses which would be useful to an individual who is a current taxpayer-employee, or … Continue Reading

Doing the decent thing

Sometimes in my line of work we have to lift our heads from what we are doing and take a step back. Are we really doing the right thing? Today I was asked to quote for dealing with the accounts and tax return of what purported to be a business. The owner was concerned at the level of fee he was paying his present accountant for the preparation of the annual accounts and tax returns.Having had a look at the work involved, I quoted a fee that was apparently much the same as the amount charged by the … Continue Reading