HFM Tax & Accounts have joined a select group of Quickbooks accountants by becoming one of the first QuickBooks Elite ProAdvisors in recognition of our experience and expertise as a QuickBooks accountant. We now have access to a dedicated account manager,... read more

In general the most efficient way to extract profit from a limited company is through a mixture of salary and dividends as follows: Salary to the National Insurance threshold (currently £8,632) or Income Tax threshold (£12,500). In the former, you will... read more

Changes to private residence relief (PRR) which have already been announced are planned to come into effect next year. You should be aware that if you rent out all or part of your home this may create a Capital Gains Tax... read more

How can you reduce the SDLT and income tax you pay on jointly owned property rental income? If you own a property jointly with your spouse - one of you being a higher-rate taxpayer and the other being a basic-rate taxpayer,... read more

HMRC has confirmed that it has reviewed approximately 30,000 self-assessment returns for 2017-18 where it considers that there is a risk that its tax calculator has incorrectly computed the individual's tax liability because of a known exclusion. This only affects electronically... read more

Paying your Self-Assessment Tax bill is never enjoyable, and especially so if you just don't have the cash readily available. 31 January is the date by which any arrears of tax for 2019-20 need to be settled, together with a payment... read more

Tax on a holiday let property is different from a standard property let and it is important to be aware of the issues: Tax Incentives There are a number of tax incentives that you can take advantage of if you own and... read more