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In: Tax Updates

PAYE Tax Coding
PAYE tax coding
11th January 2022

‘Dynamic’ PAYE tax coding Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronically before making any salary or…

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The future of tax payments
What does the future look like for tax payments?
7th December 2021

The future for tax payments The Government receives its tax money on different dates depending upon the type of tax charged….

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Companies limited by guarantee
What are companies that are limited by guarantee
3rd December 2021

Companies limited by guarantee Companies Limited by Guarantee (CLG) are private companies that do not have shares or shareholders but instead…

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income from properties
Reporting income from property
1st December 2021

Reporting income from property The deadline for filing the 2020/21 self-assessment tax return online is 31 January 2022. If you received…

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Deposits from tenants
Treating deposits from tenants correctly for tax purposes
30th November 2021

Treating deposits from tenants correctly for tax purposes A landlord will normally take a deposit from a tenant when letting a…

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Property Developer Tax
Residential Property Developer Tax
29th November 2021

Residential Property Developer Tax Legislation has been published in draft which will bring a new tax – the Residential Property Developer…

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Covid-19 Tax Suport
Reporting Covid-19 Support Payments on your tax return
29th November 2021

Reporting Covid-19 Support Payments on your tax return If you are self-employed and you received Covid-19 support payments during the pandemic,…

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Increasing the normal minimum pension age
Increasing the normal minimum pension age
23rd November 2021

Increasing the normal minimum pension age The normal minimum pension age (NMPA) is the age at which most pension savers can…

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New reduced rate of VAT for hospitality and leisure
23rd November 2021

New reduced rate of VAT for hospitality and leisure The hospitality and leisure industry were particularly hard hit by the effects…

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Electric charging points – Is there a tax liability?
22nd November 2021

Electric charging points – Is there a tax liability? As part of the Government’s push to encourage drivers to ‘go electric’,…

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Register for Child Benefit even if the HICBC applies
18th November 2021

Register for Child Benefit even if the HICBC applies If you are responsible for bringing up a child who is under…

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CIS – how to work out whether it applies – practical problems on submission. Penalties
18th November 2021

CIS – how to work out whether it applies – practical problems on submission. Penalties The Construction Industry Scheme (CIS) requires registration…

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Different ways of deferring CGT by selling or gifting a business asset – hold over relief, roll over relief etc.
15th November 2021

Different ways of deferring CGT by selling or gifting a business asset – hold over relief, roll over relief etc. Capital…

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‘Bed and breakfasting rules’ – Directors loan account – borrowing, repaying and then borrowing again – ‘arrangements’
15th November 2021

‘Bed and breakfasting rules’ – Directors loan account – borrowing, repaying and then borrowing again – ‘arrangements’ Throughout an accounting period…

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Get ready for the next steps of Making Tax Digital
5th November 2021

Get ready for the next steps of Making Tax Digital Making Tax Digital (MTD) is a government programme to move to…

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Understanding how dividends are taxed
4th November 2021

Understanding how dividends are taxed Dividends have their own tax rules and their own rates of tax. The rules and the…

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Keeping the Christmas party tax-free
4th November 2021

Keeping the Christmas party tax-free Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off…

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Tax-free help with childcare costs
3rd November 2021

Tax-free help with childcare costs Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit…

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End of the AIA transitional limit – Beware of the traps
3rd November 2021

End of the AIA transitional limit – Beware of the traps The annual investment allowance (AIA) allows you to claim an…

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Making use of a spouse’s allowable losses
29th October 2021

Making use of a spouse’s allowable losses Spouses and civil partners benefit from special rules for capital gains tax purposes which…

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SDLT and shared ownership
27th October 2021

Shared ownership can enable an individual to own a stake in a property where they would not otherwise be able to…

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Furnished holiday lettings and business asset rollover relief
27th October 2021

Furnished holiday lettings have a number of tax advantages compared to standard residential lets, and one of the key ones is…

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When HMRC can write off arrears and the work of the Adjudicators office
22nd October 2021

When HMRC can write off arrears and the work of the Adjudicators office The Adjudicators Office (AO) is a little known…

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Settlement provisions and dividends – Settlement ‘tests’
21st October 2021

Settlement provisions and dividends – Settlement ‘tests’ When an asset is placed within a trust it is termed as being ‘settled’….

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Tax and NIC implications of private bills being paid for by a company
20th October 2021

Tax and NIC implications of private bills being paid for by a company Working from home during the Coronavirus pandemic created…

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Relief for replacement of domestic items
18th October 2021

Relief for replacement of domestic items In a furnished let, wear and tear of domestic items is inevitable and there will…

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SDLT and uninhabitable properties
15th October 2021

SDLT and uninhabitable properties For many the lure of a renovation project is strong and for those looking to generate rental…

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Furnished holiday lettings and interest costs
15th October 2021

Furnished holiday lettings and interest costs For tax purposes, furnished holiday lettings are something of a special case and benefit from…

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Special capital gains tax rule for transfers of assets between spouses
13th October 2021

Special capital gains tax rule for transfers of assets between spouses Although married couples and civil partners are assessed individually for…

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Paying inheritance tax in instalments
12th October 2021

Paying inheritance tax in instalments Where inheritance tax is payable on an estate, it must normally be paid by the end…

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