HMRC clarifies tax treatment of sole traders training costs

[ad_1] Tax relief may be claimed for training costs incurred to keep pace with advances in technology and practice in the person’s trade. HMRC has updated its guidance to provide greater clarity on the tax treatment of training costs incurred by the self-employed.   The self-employed may deduct training costs in calculating their trading profit or […]

Chancellor abolishes FHL treatment and changes SDLT MDR

[ad_1] From April 2025, taxpayers will no longer be able to treat their property business as a furnished holiday let (FHL). Stamp duty land tax multiple dwellings relief (SDLT MDR) will be abolished from 1 June 2024. At the Spring Budget 2024, the Chancellor announced that the special tax regime for FHLs will be abolished […]

HMRC maintains approach to VAT treatment of fund management

[ad_1] Following a consultation, the government has confirmed it will keep a list-based approach to the VAT exemption for management of funds. In December 2022, the government published a consultation on the VAT treatment of fund management services. The consultation proposed to ensure current UK policy is included in UK law. This would establish the […]