Articles & Guides

VAT on holiday accommodation

2018-11-02T00:00:58+00:00November 8th, 2018|Categories: Articles & Guides, Blog, VAT|Tags: , , |

VAT on holiday accommodation Letting of residential accommodation is generally an exempt supply for VAT purposes. However this exemption does not apply to holiday accommodation (includes furnished and non-furnished holiday lettings. The definition of 'holiday accommodation' for these purposes includes property that is advertised or held out as holiday accommodation and those consider suitable for holiday or leisure use. It is not restricted to periods of letting or availability. Supplies of holiday accommodation are therefore taxable supplies and should be standard-rated, which means that if the rental income goes above the VAT registration threshold (currently £85,000 per year), [...]

Class 2 NICs to remain

2018-10-30T00:29:27+00:00October 20th, 2018|Categories: Articles & Guides, Blog, HMRC, Self Employment|Tags: , , , , |

Class 2 NICs to remain Self-employed earners (i.e. sole traders or partners) over the age of 16 and below state retirement age are currently liable to both Class 2 and Class 4 National Insurance contributions (NICs) unless specifically excepted by provisions contained in the Social Security Contributions and Benefits Act 1992. Former Chancellor, George Osborne, made proposals to abolish Class 2 NICs and reform the system for paying Class 4 NICs. The proposals were designed to simplify the tax system for the self-employed and offer them more equal access to contributory benefits. However, the Treasury recently announced that [...]

How to get your SA302 for mortgage applications

2018-09-12T00:31:01+00:00September 21st, 2018|Categories: Articles & Guides, HMRC, Personal Finance|Tags: , , , , |

How to get your SA302 for mortgage applications How to get proof of earnings for mortgage or loan applications. What’s new? From 4 September 2017 HMRC will not send SA302s on paper to Agents. HMRC maintain a list of lenders who have agreed to accept the online self-service copy in place of a SA302. Tax overviews and online copy of SA302 tax calculation HMRC advise that a large number of mortgage or loan lenders should now be accepting a self-service copy in place of a paper SA302 sent from HMRC. Typically, the lenders will want to see a tax overview [...]

Personal Tax Account

2018-09-12T00:36:42+00:00August 18th, 2017|Categories: Articles & Guides, HMRC, Taxation|Tags: , , , |

Personal Tax Account (PTA) What is a Personal Tax Account? How do I get one? What can I do with it? HMRC launched this account in December 2015 It is intended to make it easier for individuals to review and manage their tax affairs online, together with other interactions with HMRC such as tax credits or child benefit. See below for a list of features and services available through the account By December 2016, 7 million people had accessed their account. Setting up a PTA Before you can set up your account you will need to verify your identity with [...]