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IHT change of domicile

It is possible in certain circumstances for an individual to have two domiciles although this is unusual. There is a ...
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/ Inheritance Tax

Décor and plant and machinery allowances

Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available ...
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/ Capital allowances

Further change to SEISS 5 legislation

HM Treasury has published a Correction Treasury Direction made under the Coronavirus Act 2020, section 76, which modifies and extends ...
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/ Business Support

When is a company dormant for tax purposes?

If a company has stopped trading and has no other income then the company is usually classed as dormant for ...
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/ Corporation Tax

VAT inclusive and exclusive prices

When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A ...
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/ Value Added Tax

Pub secures reduced tied rent and discounts

The Pubs Code Adjudicator is responsible for enforcing the statutory Pubs Code. The Pubs Code regulates the relationship between all ...
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/ Business Support

Tax Diary August/September 2021

1 August 2021 - Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 ...
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/ Tax Diary

Continuous employment defined

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ ...
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/ Employment Law

Who counts as CIS contractor or sub-contractor?

The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working ...
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Turnover defined for 5th SEISS grant

HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment ...
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/ Business Support

Who pays Inheritance Tax?

Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a ...
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/ Inheritance Tax

Tax-free gains on gifts to spouse or charity

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a ...
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/ Capital Gains Tax

SEISS – more red tape

Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS) is due to end on 30 September 2021 ...
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/ Business Support

Rent-a-room: letting as office accommodation

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current ...
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/ Income Tax

Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, ...
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/ HMRC notices

Inheritance Tax Business Relief

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone ...
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/ Inheritance Tax

Taxis: what is liable to VAT

HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car ...
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/ Value Added Tax

Tax if you divorce or separate

If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax ...
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/ HMRC notices

National Minimum Wage reminder for summer staff

We would like to remind any students and seasonal staff that work part time, for example in a summer job, ...
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/ Employment Law

Card security update

VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud ...
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/ General

IHT – settled and excluded property

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

Associated company rules

As announced in the Budget earlier this year there will be two rates of Corporation Tax from 1 April 2023 ...
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/ Corporation Tax

OTS – making better use of third party data

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the ...
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/ General

Current Capital Gains Tax rates

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable ...
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/ Capital Gains Tax

VAT – what you can and cannot reclaim

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that ...
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/ Value Added Tax

Stage 4 COVID roadmap implemented 19th July

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between ...
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/ General

CGT on second property sales – 30 day rule

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed with effect ...
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/ Capital Gains Tax

Reporting foreign income for UK tax purposes

Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, ...
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/ Income Tax

VAT – which supplies does reverse charge apply to

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

New EU VAT Import One Stop Shop (IOSS) rules

There have been significant changes to the EU VAT rules for the sale of goods for businesses selling goods to ...
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/ Value Added Tax

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