Beat the Budget – How to prepare for Autumn 2024 budget as a small business owner
As champions of small business owners (and as business owners ourselves), we recognise the moral responsibility of paying taxes and contributing to the public finances that support vital services. However, the warning shot about the intensity of next months autumn budget comes at a time when many small businesses are already grappling with the harsh realities of the cost-of-living crisis. The ever-narrowing margin between what consumers and customers are willing to pay and the rising costs of employment, materials, and other operational expenses is pushing many businesses to their limits.
For many businesses, profitability is becoming harder to maintain, and any further tax increases could make it even more challenging to ‘make money’. With the Autumn Budget 2024 fast approaching, here’s what small business owners should watch out for and how to prepare for possible changes.
Furnished Holiday Lettings Tax Changes: What Property Owners and Landlords Need to Know
Do you own a Furnished Holiday Let? Here are the upcoming Changes to Tax Rules you need to know about. The government has announced new tax rules for furnished holiday lettings (FHL), which will come into effect soon. These changes will see FHL income treated the same as other property income, and the preferential tax rules that applied to FHLs as a trade will be repealed.
This may impact your tax planning, so here’s a summary of the Furnished holiday let tax updates and key changes
