Tax changes for Furnished Holiday Lets property owners
The current tax benefits for the letting of properties as short-term holiday lets (known as Furnished Holiday Lets – FHL) is to be abolished from April 2025. The changes will take effect on or after 6 April 2025 for Income Tax and for Capital Gains Tax and...
Limits on Income Tax reliefs
The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced. The cap is set at the greater of 25% of income or £50,000. This limit applies to the total amount of...
How to claim a tax refund
If you believe you have overpaid tax to HMRC, you can typically claim a tax refund for the excess amount. The process for making a claim varies depending on factors such as whether you submit a self-assessment return and how much time has passed since the tax was...
Changes to HICBC
It was announced as part of the Autumn Budget measures that the government will not now proceed with the reform to base the High Income Child Benefit Charge (HICBC) on household incomes. To make it easier for all taxpayers to get their HICBC right, the government will...
