PLATINUM ACCOUNTING SUPPORT
Micro Business and Sole Trader Accounting
How it works:
We set you up on XERO
We link your business bank statement to XERO and upload bank transactions weekly
You provide documents for your sales and purchases weekly
We upload them on XERO and reconcile to Bank Statement
We prepare monthly Balance Sheet and Profit & Loss
We prepare annual UK Company Accounts and Tax Return
Sarbanes - Oxley Testing
How it works:
We perform walktrough of your process and prepare flowcharts
We write test procedures for all key and non-key controls
We test and document the testing to a high standard
Furnished Holiday Lettings
There are special tax rules for rental income from properties that qualify as Furnished Holiday Lettings (FHLs).
If you let properties that qualify as FHLs:
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you can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders)
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you are entitled to plant and machinery capital allowances for items such as furniture, equipment and fixtures, as well as integral features
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the profits count as earnings for pension purposes
The following conditions must be met for a property to qualify as furnished holiday let:
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The FHL property must be available for commercial holiday letting to the public for at least 210 days per year AND be actually let as holiday accommodation for 105 days per year.
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It must not normally be let for a continuous period of more than 31 days to the same tenant in seven months of the year.
There are two ways to help owners of FHLs to reach the above thresholds. If an owner owns more than one FHL the ‘averaging’ election might be helpful and if a FHL meets the thresholds in some years but not in others, then a ‘period of grace’ election is currently available.
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The property must be located in the UK or EEA. All FHL properties which are located in the UK are treated as one ‘business’ and all properties located in other EEA states are taxed as a separate ‘business’.