Category: Tax

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Furnished Holiday Lets: Tax Implications

Furnished Holiday Lets (FHLs) are rental properties that meet certain criteria and are treated as a separate rental business. As holiday lets are becoming increasingly popular, it is important to check whether these properties qualify as FHLs.  There are potential benefits and drawbacks to such a characterisation.

28th September 2023
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What to do when a trust is wound up

The deed drafted could state that at X date the trust will be wound up and the capital held distributed to A and B. This point does not need to be in the deed but would be advantageous to give the trustees the power to consider this if the time was right and the beneficiaries could be trusted to maintain the assets correctly.

11th September 2023
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Inheritance Tax implications for a relevant property trust

Unlike with an absolute gift of the asset, this would be immediately chargeable to IHT and therefore additional administration would be required.

18th August 2023
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What are the two main types of Trusts?

Trusts are a great way to be able to pass assets out of your estate while still being able to maintain an element of control. These structures have been overlooked recently due to bad press regarding how expensive and difficult they are to maintain.

31st July 2023
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31 July 2023: Deadline for the Second Payment on Account

Payments on account are made in January and July every year against your tax liability. HMRC will charge interest if the payments on account are made late.

24th July 2023
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What do I need to consider to set up a trust?

So you have decided which trust would work best for your intended beneficiaries based on their spending habits, what are the next steps?

22nd June 2023
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Income Tax implications: The two main types of trusts

A discretionary trust is a trust which gives you maximum control over the income and capital held. It is the trustee’s decision whether the beneficiaries receive any distributions and therefore income and capital is only released at the discretion of the trustees – the beneficiaries are not entitled to receive anything.

18th June 2023
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Simon Lewis celebrates his 18th year as Partner

As Simon embarks on his 18th year as Partner at Thompson Jenner we take a look back at his career to date.

18th May 2023
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Take control with cloud accounting

If you want your business to work smarter and faster, adopting cloud accounting is a wise choice to make. It’s now standard to utilise the power of cloud computing to help your business manage financial transactions and data online.

9th May 2023
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Tax Rates & Allowances 2023/24

We are pleased to launch this year’s tax card, which summarises many of the rates and allowances fundamental to our business and personal lives.

27th April 2023

News Archive

Insights

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Temporary VAT reduction for family attractions and children’s activities – key points for businesses and families

22nd May 2026
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Renters’ Rights Act: Key Facts for Landlords

5th May 2026
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New accounting standards from 2026: What you need to know

30th April 2026
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ATED returns: key dates, deadlines and what to expect in 2027

15th April 2026

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