Blog

National Insurance Increase Affects Dividends

As the distribution of a company's profits, dividends have historically been taxed as unearned income ...

Basis Period Reform: The Problem With Estimated Figures

HMRC is seeking views on methods businesses with an accounting year-end differs from the tax year-end could use ...

Remember To File Your Employment Related Securities Return

The submission deadline for your company's Employment Related Securities return is fast approaching ...

Capital Gains Tax On Divorce

Are you going through a divorce? Be conscious of the Capital Gains Tax consequences of your split ...

HICBC: The High Income Child Benefit Charge Threshold

A Low Incomes Tax Reform Group in the UK, has urged the Government to raise the HICBC threshold ...

Benefits Of The Share For Share Exchange Rules

Share for share exchanges take place when a company issues shares in exchange for different shares ...

What Is The Optimum Directors Salary For This Tax Year?

Every business owner knows they can decide for themselves how they're going to withdraw money from their company ...

P87: HMRC Formalises Employment Expenses Claims

As of the 7th of May 2022, claims for Income Tax relief on employment expenses must be made on a P87 ...

What Is A Family Investment Company?

A Family Investment Company can apply to many different types of company structures used for different purposes ...

End Of Year Tax Planning Checklist

As we approach the end of the current tax year, it's worth giving some consideration to end of year tax planning ...

Investors' Relief: Attracting Investment Into Business

For shares acquired from the 17th of March 2016, Investors' Relief ensures investors pay 10% Capital Gains Tax ...

HMRC Continues To Target Buy-To-Let Landlords

In the last financial year, HMRC has collected over £17 million in unpaid tax from buy-to-let landlords ...

The Normal Expenditure Out Of Income Exemption

The Normal Expenditure Out Of Income Exemption offers a valuable saving on Inheritance Tax ...

ATED: Annual Tax On Enveloped Dwellings Deadline

Are you due to submit your Annual Tax on Enveloped Dwellings (ATED) soon? You may need to even with no tax due ...

Have You Got Your Tax Plan In Place?

When you think about your financial future, it is important to put tax planning at its very heart ...

HMRC Looking To Speed Up Self-Assessment Registrations

HMRC is requesting contributions on its plan to move the Income Tax Self-Assessment registration deadline ...

Tax Loophole Closed On Furnished Holiday Lets

Many landlords avoid business rates and council tax on Furnished Holiday Lets because of a loophole ...

The Rent-A-Room Scheme Explained

Many of us are looking for additional sources of income so the Rent-A-Room Scheme could be a great idea ...

All About The Landlord Borrowing Trap

Some landlords are finding themselves with growing tax bills and are being forced to sell properties ...

Taxation Of Serviced Accommodation

Buy-to-let landlords are looking to convert their traditional buy-to-let properties into serviced accommodation ...

An Accountant Or A Tax Advisor

Accountants are the mainstay of the business world, but not everyone has a tax advisor. I think they're missing out ...

Wishing You All A Very Merry Christmas

With most of us finishing for the holidays this week, I thought I'd join the festivities and let you have some tax trivia ...

Changes To Inheritance Tax Reporting Requirements

For anyone who dies on or after the 1st of January 2022, Inheritance Tax reporting requirements are simplified ...

Closing A Stamp Duty Land Tax Loophole

HMRC published a consultation in November proposing changes to areas of the Stamp Duty Land Tax regime ...

Why Should You Use A Property Tax Advisor?

A question I get asked is why people should use a property tax advisor rather than their own accountant ...

Treating Your Staff And Customers At Christmas

Christmas is fast approaching, and many business owners think about treating their staff and customers at this time of year ...

HMRC Are Sending Nudge Letters About Cryptocurrency

If you've recently received communication from HMRC regarding cryptocurrency, don't ignore it ...

Are You Behind With Your Tax Bills?

As the economy continues to grow, we can expect to see a sea change in how HMRC approaches tax debt ...

CGT Filing Deadline Extended To 60 Days

The Government has extended the deadline for submission of a Capital Gains Tax return from 30 to 60 days ...

Inheritance Tax: Gifts Out Of Income A Very Valuable Relief

Out of all the tax reliefs and exemptions, probably the most generous of them all is this Inheritance Tax exemption ...

HMRC Is Collecting Information On You!

HMRC has many different sources of information that it can use to compile information about every UK taxpayer ...

Increase In The Taxation Of Dividends

For many years, dividends have been taxed at a lower rate. This means taking a small salary and then dividends on top ...

Important Changes To The Reporting Of Non-Taxable Trusts

New rules mean that Non-Taxable Trusts can register via HMRC's Trust Registration Service, and the deadline has been set ...

Expat Landlords Disclose Undeclared Rental Income

There are many expat landlords who moved from the UK and have let out their UK property without declaring income ...

The Benefits Of Company Pension Contributions

If you're looking to extract profits from your limited company, salary and dividends are the usual way to go ...

Overview Of The Health And Social Care Levy

The controversial Health and Social Care Levy was passed by MPs last week. Many politicians are calling it the Care Tax ...

Inheritance Tax Residence Nil-Rate Band

Many people are not aware of the Residence Nil-Rate Band for Inheritance Tax. This is a very valuable relief ...

Methods HMRC Uses To Find Out About Rental Properties

One of the commonest questions I get asked about rental properties is how HMRC will discover a landlord's income ...

Capital Gains Tax: What Is Classed As Residential Property?

Changes to taxes over the years mean the tax treatment of residential property and commercial property is different ...

Private Residence Relief And Eligible Periods Of Absence

Many homeowners pay Capital Gains Tax on the sale of their property, but you can claim Private Residence Relief ...

HMRC Tax Penalties Are About To Change

HMRC is changing the way it calculates tax penalties to make things fairer and more consistent ...

Basis Periods To Be Abolished Due To Making Tax Digital

If your business is unincorporated, you may see a bumper tax bill in 2022/23 as your accounts are adjusted ...

HMRC Enquiries: What To Do When They Get In Touch!

I don't think anyone looks forward to a conversation with HMRC as their enquiries are both inconvenient and stressful ...

Dividend Payments During The Pandemic

Did you know that paying yourself illegal dividends means you could become personally liable for company liabilities?

Failure To Report SEISS Grants Correctly Causing Delays

According to HMRC, a number of Self-Assessment tax returns for the 2020/21 tax year contain inconsistencies ...

IT Contractor Loses Latest IR35 Case

An IT contractor providing services to a building society was ordered to stump up £74,523 in Income Tax and NI ...

Should You Set Up A Trust Or Family Investment Company?

If you're estate planning right now, you could be considering a Family Investment Company over a Family Trust ...

Reviewing Your PAYE Settlement Agreement For COVID-19

Employers meet the tax on benefits and expenses for an employee using a PAYE Settlement Agreement ...

P11D: Focus On Staff Entertaining

Accountants are noticing an increasing number of enquiries from HMRC about the amounts spent on entertaining staff ...

What CGT Is Payable On The Sale Of A Property Post-Death?

CGT has a tax-free uplift to a property's valuation on the sale of a property post-death. The value for CGT is reset ...