Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
Owner manager companies are usually ‘close companies’ that is ‘under the control of: (a) five or fewer participators, or (b) participators who are directors’. For
Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now.
The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance
In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also
It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered
The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is
The family home is likely to be your most valuable asset. Consequently, when looking to reduce inheritance tax, it may seem sensible to try and
If you realise a chargeable gain on a UK residential property, you now have 60 days rather than 30 days in which to tell HMRC
When a customer purchases an item or service from a business an invoice confirming the amount to pay should be raised either at the time
Of the sectors of the UK economy affected by the pandemic, it has been the travel and tourism sector that has been hit most. One
Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time
To help meet the costs of health and adult social care, a new levy, the Health and Social Care Levy, is introduced from 6 April
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your
