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Company cars
Company carsIntroductionCompany cars are one of the most common taxable benefits. The rules for calculating the benefit are complex, and the reporting requirements are more onerous than most benefits. Company cars are covered by very specific legislation. Detailed guidance on each of the following
Trade or hobby
Trade or hobbyInteraction of hobby farming rules and commercialityFarming has its own set of āhobby farming rulesā, which historically have stated that a profit must be made every six years. This is known as āthe five-year ruleā, in that there can be five years of losses but there must be a profit
Furnished holiday lets
Furnished holiday letsThis guidance note sets out the qualifying conditions for a property let to be treated as a furnished holiday let (FHL) for tax purposes and the subsequent tax implications.Whether or not a property qualifies as an FHL can make an important difference to the taxation