Last year apart, the number of tax enquiries is on the increase; the reason is not because more taxpayers are seeking to defraud the tax
The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of
When a company closes down, it may have accumulated monies or assets that need to be distributed to shareholders. If the asset is in the
If so, they could benefit from temporary workplace relief. If an employee is seconded to the UK for no more than 24 months, a deduction
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at
Tax relief is available to encourage individuals to make contributions to registered private pension plans. However, while there is no limit to the amount that
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is
All business must start at some point, and a furnished holiday lettings (FHLs) business is no exception. Unlike other rental properties, furnished holiday lettings enjoy
A SIC code stands for Standard Industrial Classification code and classifies your business activity at Companies House. SIC code for a company can be changed
If you sell a property that has not been your main residence throughout the period that you have owned it, you may need to pay
No one likes the idea of the taxman taking a chunk of their estate when they die, particularly if it will be necessary to sell
Open until 31 March 2021, the Governments’ Bounce Back Loan Scheme (BBLS) helped support businesses during the coronavirus pandemic, permitting firms to apply a minimum
All taxpayers have a responsibility to complete their tax returns correctly, to the best of their ability. However, inevitably, mistakes occur which may not be
The vast majority of businesses pay their tax bills on time however, any that are finding it hard to make payment in full and/or on
Personal allowances may be lost It should be noted that the loss carried back cannot beIt is not uncommon to realize a loss in the early
Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders
As the Coronavirus Job Retention Scheme comes to an end, employers with employees who are still on furlough will need to decide whether they are
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