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When does a partnership exist?

A partnership is a relatively simple way for two or more persons to set up and run a business together ...
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/ HMRC notices

What is a wasting asset?

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear ...
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/ HMRC notices

Self-employed NIC changes

In the recent Spring Statement, a significant increase in the National Insurance Threshold from £9,880 to £12,570 was announced. This ...
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/ National Insurance

Resolving commercial rent debts

A new law that seeks to resolve certain remaining commercial rent debts accrued during the pandemic received Royal Assent on ...
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/ Business Support

On your bike – cycle to work exemption

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of healthy ways to ...
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/ Employee Benefits

Scammers target Self-Assessment taxpayers

Fraudsters are continuing to target taxpayers with scam emails, texts and calls following the deadline for submission of Self-Assessment returns ...
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/ General

Overview of Digital Services Tax (DST)

The UK’s Digital Services Tax (DST) came into operation on 1 April 2020. This tax is designed to ensure that ...
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/ HMRC notices

Bare or simple trusts

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such ...
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/ Inheritance Tax

Extended loss relief carry-back

A reminder that the temporary extension to the eligible carry back period for trading losses applies for company accounting periods ...
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/ Business Support

Employer company car considerations

If you are thinking about purchasing a company car through a limited company, there are many issues that need to ...
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/ Capital allowances

Inheritance Tax-free gifts reminder

We wanted to remind our readers of the Inheritance Tax (IHT) implications of making cash gifts during the current 2021-22 ...
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/ Inheritance Tax

Spring Statement 2022

The Chancellor, Rishi Sunak, has delivered his Spring Statement to the House of Commons against a backdrop of a growing ...
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/ Budget Summary

Transferring property to unmarried couples and other joint owners

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and ...
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/ Stamp Duty Land Tax

Exempt loans to employees

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference ...
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/ Employee Benefits

Appeals process for late filing of company accounts

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All ...
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Check large suppliers payment status

The government has been working for a number of years to combat the problem of large businesses abusing their position ...
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/ Business Support

Increased rates for second homes in Wales

The Welsh government has announced that it is increasing the maximum amount that local authorities can charge as a council ...
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/ Stamp Duty Land Tax

Auto enrolment for care workers

Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing ...
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/ Pension

Tax Diary April/May 2022

1 April 2022 - Due date for Corporation Tax due for the year ended 30 June 2021. 19 April 2022 ...
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/ Tax Diary

Revoking VAT option to tax land and buildings

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and ...
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/ Value Added Tax

Definition of VAT partial exemption

A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that ...
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/ Value Added Tax

Limits to loss relief claims against income or capital gains

There are a number of tax reliefs available for self-employed taxpayers that make a trading loss. This includes a partners' ...
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/ Income Tax

Transferring assets during separation and divorce

When a couple separate or divorce it is unlikely that they are thinking about any tax implications. However, apart from ...
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/ General

SDLT concerns transferring a property to a company

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and ...
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/ Stamp Duty Land Tax

Increase in National Insurance from April 2022

We would like to remind our readers that the increases in National Insurance Contributions (NIC) of 1.25% - first announced ...
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/ National Insurance

Examples when settlement legislation does not apply

The settlement legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that ...
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/ HMRC notices

What is plant and machinery?

Capital allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. HM Treasury has published ...
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/ Capital allowances

Range of supplies affected by VAT reverse charge

The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT ...
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/ Value Added Tax

End of SSP Rebate Scheme

The Coronavirus Statutory Sick Pay Rebate Scheme has allowed small and medium-sized businesses and employers reclaim Statutory Sick Pay (SSP) ...
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/ Employment & Payroll

Claiming for business use of own car or van

If you are an employee, you may be able to claim tax relief for using your own vehicle, be it ...
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/ Income Tax

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