Taxation of company cars in 2024/25

Taxation of company cars in 2024/25

Taxation of company cars in 2024/25 A taxable benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a further benefit arises if the employer meets the cost of fuel for private travel. Car benefit charge The amount...
Extracting profits in 2024/25

Extracting profits in 2024/25

Extracting profits in 2024/25 If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside your company, for example, to meet your living expenses. There are various ways of doing this, some...
NIC payable by the self-employed from April 2024

NIC payable by the self-employed from April 2024

The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 with the abolition of Class 2 National Insurance contributions. What are Class 2 contributions? The payment of Class 2...
Mixed-use properties and SDLT

Mixed-use properties and SDLT

Mixed-use properties and SDLT For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important as it determines the rates at which SDLT is charged. Recently, there...
CGT advantages of furnished holiday lettings

CGT advantages of furnished holiday lettings

CGT advantages of furnished holiday lettings Furnished holiday lettings (FHLs) have a number of tax advantages over residential lets. These advantages include the opportunity to benefit from a number of capital gains tax reliefs. The capital gains tax legislation...
Selling the garden for development

Selling the garden for development

Selling the garden for development If you own a large plot of land that you no longer require but you don’t want to move home, you may consider selling some of it for development. However, from a tax perspective, there are considerations that you need to be aware of...