HMRC have recently published a spotlight warning landlords to avoid schemes offering hybrid property arrangements that purport to save tax. HMRC’s view is that the
On separation or divorce, it is common for one spouse to move out of the family home and for the other spouse to continue to
Private residence relief (PRR) removes the capital gains tax charge that would otherwise arise on a gain on the disposal of an only or main
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits
On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate
The Approved Mileage Allowance Payment (AMAP) was introduced in 2002 as a statutory simplification to allow employers to make tax-free payments up to certain limits
Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes.
Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment
The marriage allowance is not a separate allowance as such – rather, it is a transfer of part of one spouse or civil partner’s personal
In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial
Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have
Making any employee redundant is a difficult decision and potentially distressing for all involved. Getting the process wrong could result in one or more employment
It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has
Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is
The issue of whether a derelict a residential property and liable to stamp duty land tax (SDLT) at the residential rates was considered by the
Letting holiday properties, particularly in coastal resorts, may have a strong seasonal bias, and when business is slow during the off-season, it can be tempting
Landlords coming to the end of their fixed rate mortgage deal are likely to be paying considerably more in interest when they remortgage. The extent
In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences. Expenses may be incurred on acquiring premises
If you have unrelieved overlap profits, you will not be able to claim relief for those profits after 2023/24. Overlap profits are profits that have
HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be
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