Tax guidance for Airbnb businesses and hosts

Tax guidance for Airbnb businesses and hosts Introduction: Airbnb has become a huge and successful platform to find quick accommodation. It has revolutionized both the rental and hotel industries. However, along with an amazing opportunity to earn extra income by short-term and long-term letting, hosts in the UK might face complexities of tax regulations regarding […]

Income Tax Rates & Allowances For Year 2013-14

Income Tax Rates & Allowances For Year 2013-14 INCOME TAX RATES & ALLOWANCES Every individual is liable to pay tax on the income he earns in a year through various sources. Not all income is taxable and you’re only taxed on taxable income above a certain level. There are various reliefs and allowances that can […]

Income Tax – Basic know how

Income Tax – Basic know how Basis of Assessment: Individuals are assessed to Income Tax on their income in a tax year. This tax year runs from 6 April to 5 April and is known as a ‘Tax Year’. Personal Allowance: Every taxpayer may be entitled to Personal Allowance, please follow the link to Personal […]

Real Time Information (RTI) for PAYE

Real Time Information (RTI) for PAYE Real-Time Information (RTI) improves the operation of the PAYE accountants system by creating more up-to-date taxpayer records and making the system easier for employers and HMRC to administer. Reasons for introducing RTI When PAYE was introduced almost 70 years ago, most people held just one job for most of their life […]


CORPORATE TAX RATES – 2013-14 CORPORATE TAX RATES – 2013-14 Rates for financial years starting on 1 April  Rate 2013 Small profits rate* 20%* Small profits rate can be claimed by qualifying companies with profits   at a rate not exceeding £300,000 Marginal Relief Lower Limit £300,000 Marginal Relief Upper Limit £1,500,000 Standard fraction 3/400 […]

VAT Overview

VAT Overview VAT is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK. It’s also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells […]

Allowable Expenses

Allowable Expenses The Costs you pay with the sole purpose of earning profits from your business are allowable expenses. This means that any cost you incur outside the due course of the business is not allowed to be considered as a business expense. The expenses incurred may or may not include VAT on them. If […]

Tour Operators Margin Scheme (TOMS)

Tour Operators Margin Scheme (TOMS) The information provided in this article shows how you must account for VAT if you buy-in and re-sell travel facilities as a principal or undisclosed agent (that is, acting in your own name). TOMS is a special name given to businesses that buy-in and re-sell travel, accommodation and certain other […]

Directors’ loan accounts and Corporation Tax implications

Directors’ loan accounts and Corporation Tax implications The director’s loan account is the amount paid to director other than salary and dividend, it can be  cash payments other than your salary or dividend  expenses that you may have paid for using company funds that are actually for personal use  money is withdrawn for your personal […]

Landlord Accounting – Tax implications

Landlord Accounting – Tax implications If you are an individual and own property in the UK that you have rented out, you are liable to file self-assessment tax return of yourself. You have to register yourself for self-assessment at any time during or after the period in which you earn property income. The income tax […]