News

HMRC’s Updated Time to Pay Arrangement Limits

From the end of last year, HMRC has raised the maximum tax debt eligible for online Time to Pay arrangements. The new limits are £30,000 for individuals and £50,000 for businesses.
Taxpayers who are unable to settle their tax bills can apply online to arrange a Time to Pay plan with HMRC. This option is available for individuals with self-assessment (SA) liabilities, employers with PAYE (Pay As You Earn) debts, and businesses with unpaid VAT bills.

According to HMRC’s guidelines, the criteria for applying for a payment plan online are as follows:

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29/07/2024
Furnished Holiday Lets, FHL, Tax Treatment, Budget Announcement, Capital Allowances, Pension Contributions, Capital Gains Tax, Anti-Forestalling Measures, Residential Property, Disposal, Contract for Sale, CGT Rates, Transitional Rules, Government Announcement, Tourism Industry, Tax Breaks, Short Term Lettings, Preferential Treatment, Geographical Location, General Election, Law Changes, Government Policy, Budget Implications, Bush & Co
News

Abolition of Furnished Holiday Lets

One of the stand out policies announced in the chancellor’s recent budget, particularly given our geographical location and the size of our tourism industry, was the abolition of the preferential tax treatment of Furnished Holiday Lets (FHLs).

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08/04/2024
Insight

Changes in Taxation for Supplementary Income

For individuals engaged in additional income streams alongside their regular employment or those participating in sales through popular resale platforms such as eBay, Vinted, or Etsy, recent modifications in tax reporting, often referred to as the ‘Side Hustle Tax,’ have garnered attention.

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24/01/2024

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Streets Bush is the trading name of Streets Bush Limited
Company Number: 09017205 | Registered in England & Wales | Registered Address: Tower House, Lucy Tower Street, Lincoln, LN1 1XW | VAT Number: 140 7401 08