Posts By: Ilyas Patel

Tax Advantages for Furnished Holiday Lettings

Furnished Holiday Lets

Are you considering owning a Furnished Holiday Letting (FHL)?   Wondering how you can qualify for significant tax benefits and what the associated rules are?   On this Tax Tip, discover the tax advantages of a Furnished Holiday Letting.  (6-minute read) We will cover: Understanding Furnished Holiday Letting   Qualifying as an FHL To gain FHL status, your… Read more »

Tax Benefits in Family Charity Trusts

Family Charitable Trusts Slide Main

Imagine shaping a lasting legacy while simultaneously reaping substantial tax benefits. The key? Establishing a Family Charitable Trust! Wondering how to navigate this journey? At Tax Expert, our team of dedicated accountants is ready to streamline the process for you. In addition, our partnered team of expert solicitors stands ready to prepare the necessary paperwork,… Read more »

How Doctors and Dentists Can Claim Tax Back On Tools Bought For Work

how to claim tax back on tools bought for work

If you’re an NHS doctor or dentist, you need to know about your allowable expenses. For instance, to find out how to claim tax back on tools bought for work So if you work in healthcare or with the NHS, our guide explains what you’re allowed to deduct from your taxes. (4-minute read) We will… Read more »

Handling HMRC Letters: Your Guide to Confidently Navigate Tax Investigations

why would i get a letter from hmrc

There are several reasons that HMRC will send out a Tax Inquiry letter. Often, HMRC are lacking some information about the Tax that you owe, due to input error, or missed information which has been obtained from 3rd parties.  If you’re asking yourself “Why would I get a letter from HMRC?”, generally it’s because of… Read more »

Main Residence Stamp Duty: How can you reclaim the 3% surcharge?

Main Residence Stamp Duty

Dive into the details of Stamp Duty Land Tax (SDLT) and find ways to get your money back. If you had to pay the extra 3% tax when buying a new main residence, don’t worry. This complete guide makes understanding main residence stamp duty land tax simple, and demonstrating how you might get that 3%… Read more »

R&D Changes – What To Know For 2023

Following the March 2023 Budget, there have been some changes made to claiming your Research and Development (R&D) tax relief.   If you are a business which makes use of R&D tax relief, ensure to familiarise yourself with the changes made, which will come into effect starting on 1 April 2023.   (4-minute read) We will cover:… Read more »

Do Limited Liability Partnerships Pay Corporation Tax? A Simple Explanation

When trying to decide on the best trading structure for your business, you’ll encounter a lot of complex terms and confusing tax rules. It can be especially difficult to understand the differences in the tax treatment for structures such as Limited Liability Partnerships (LLPs) and companies. Let’s break this down and answer the question, “Do… Read more »

HMRC’s Landlord Crackdown Begins with Renter Reform Bill

The Renter Reform Bill grants HMRC access to landlord information, creating a “landlord database.” Will it lead to increased tax investigations? Find out more on today’s Tax Tip. (4-minute read) We will cover: How the Bill will collect data about landlords Why you should correct your tax situation Overview The Renter Reform Bill was recently… Read more »

PPR Relief: Why Returning to Your Rental Property Matters

When you own a property that was previously used as your Principal Private Residence (PPR) and you later rent it out, it’s essential to understand how this transition affects your tax liability. In this scenario, the impact on Principal Private Residence (PPR) tax relief, a significant tax advantage, should not be overlooked. (3-minute read) We… Read more »

Understanding the Tax Implications of Transfer of Assets Abroad

What are the implications of transferring assets abroad if you own a Furnished Holiday Letting (FHL)? (3-minute read) We will cover: Tax reliefs you can get as an owner of a Furnished Holiday Let (FHL) Tax implications of transferring assets abroad What is Furnished Holiday Letting? An FHL is treated as a trading activity for… Read more »