New Fax Number, Furnished Holiday Lets, Tax Code Problems and P45/P46

NEW FAX NUMBER!

Please note that our new fax number is 01302 520158 with immediate effect.

Longer Letting

If you let property which is a 'Furnished Holiday Let' the rules changed from 6 April 2011and again the following year in that you;

1.       Can only use the losses from such properties against the same furnished holiday let business and not against any profits you make from a trade as from 6 April this year.

2.       The number of days the property is available to let has to be at least 210 compared to 140 under the old rules.

3.       The number of days the property is actually let has to be at least 105 compared with 70 under the old rules.

If you fail the days rule in one year there are rules to still qualify by basically averaging over two years.

Pensioner Tax Code Problems

If you started to receive your state pension between 6 April 2010 and 5 April 2011 there could be a problem for some of you.  The problem is that you might not have had your tax code reduced to show this new income. Where this has arisen it will not have been taxed and you may well owe some arrears. The Revenue are sending you a tax calculation sheet for that year once they have all of your other income details.

It should be that your 2011/12 tax code has been reduced by the value of your state pension for this year – have a look.

P45 and P46

From 6 April 2011 all employers have to file employee starting and leaving Forms online through the Revenue website otherwise there could be penalties.