Learn about Making Tax Digital (MTD), Furnished Holiday Let benefits, and reduce your tax bill!

/ Quarterly Updates

Author: Henry Ejdelbaum

Tags: Quarterly Update - August 2022

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In case you’ve missed the latest happenings in the business and tax world since our last quarterly update, we’ve prepared different technical guides to provide value in a variety of scenarios which could apply to you or your business.

  1. Holiday Let Owners – The Tax Basics A Furnished Holiday Let (FHL) property has tax benefits over a regular rental property business but there are certain strict rules that you must adhere to, and we are here to help. We collaborated with our eviivo partners on this to assist our readers who run Furnished Holiday Lets (FHL).
  2. Reduce your tax bill Earlier this year we hosted a webinar presented by Jason Burton, part of the AIMS team in London, giving tips to reduce your Income Tax, Corporation Tax (CT), Capital Gains Tax (CGT) and others.
  3. Making Tax Digital (MTD)From April 2022 it is now required to all VAT-registered businesses to comply with MTD regulations, regardless of turnover. Additionally, in case you haven’t registered for VAT, visit our short guide.
  4. National InsuranceHealth and Social Care Levy increased national insurance for everyone by 1.25%. This change took effect in April as planned. To help with the cost of living crisis and the effect of the Health and Social Care Levy, during the spring statement the chancellor announced NI thresholds would increase in July.

    Lastly, we would advise to submit your self-assessment as soon as possible, since leaving it for the last moments can be stressful and could mean fines for late submissions. The deadline is 31 January 2023 at midnight, but there is no reason not to start getting your information ready today. Check what is required here.

    Every quarter we inform our readers about the relevant changes that could affect you or your business, but we also do it on a weekly basis via our News and Information page. We are business accountants for business people.

    Get in touch with your local AIMS Accountant in case you haven’t yet.