Blog

Increase In The Taxation Of Dividends

13th October 21

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

4th October 21

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

29th September 21

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

22nd September 21

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

15th September 21

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

8th September 21

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

1st September 21

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?

25th August 21

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

An Accountant Or A Tax Advisor

18th August 21

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

Private Residence Relief And Eligible Periods Of Absence

11th August 21

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

4th August 21

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

28th July 21

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!

21st July 21

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

14th July 21

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

7th July 21

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

IT Contractor Loses Latest IR35 Case

30th June 21

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?

23rd June 21

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

16th June 21

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

P11D: Focus On Staff Entertaining

9th June 21

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?

2nd June 21

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 ...

Why Didn't The Annexe Qualify As A Separate Dwelling?

26th May 21

A tribunal considered whether a 6-bed home with annexe should be treated as one for Multiple Dwellings Relief ...

Period Of Grace Elections For Furnished Holiday Lettings

19th May 21

When a property qualifies as a Furnished Holiday Letting (FHL), they become subject to special tax rules ...

The Non-Resident Test For Employees Stranded In The UK

12th May 21

Trade bodies have consulted with the Treasury on difficulties faced by those stranded in the UK during the pandemic ...

Treasury Consultation On New Property Developer Tax

5th May 21

The Property Developer Tax was announced when the Government pledged to fund cladding replacement ...

Remember To File Your Employment Related Securities Return

28th April 21

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

COVID Loss Relief Carry Back Extension

21st April 21

A welcome extension of loss relief carry-back for companies, sole traders and partnerships has been announced ...

Investors' Relief: Attracting Investment Into Business

14th April 21

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

HMRC Sends Out Self-assessment Verification Letters

7th April 21

Some taxpayers are receiving self-assessment verification letters from HMRC requesting more information ...

How A Cryptocurrency Is Taxed In The United Kingdom

31st March 21

You need nerves of steel to invest in a cryptocurrency. You also need to know how cryptocurrency is taxed in the UK ...

Stamp Duty Land Tax On Uninhabitable Properties

24th March 21

Another day, another taxpayer at a tribunal. This time, due to the purchase of a dilapidated bungalow ...

End Of Year Tax Planning Checklist

17th March 21

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

Capital Gains Tax On Divorce

10th March 21

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

What Are The Benefits Of An Employer-Provided Electric Car?

3rd March 21

Many commercial travellers have a company car which tend to be changed every 18 months, depending on mileage ...

ATED: Annual Tax On Enveloped Dwellings Deadline

24th February 21

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

Update On SDLT For Non-Residents Buying UK Property

17th February 21

HMRC has updated its information about the Stamp Duty Land Tax (SDLT) surcharge for non-residents ...

The Delayed Domestic Reverse Charge For VAT

10th February 21

I originally wrote about the Domestic Reverse Charge For VAT back in 2019, but it was delayed until this year ...

HICBC: The High Income Child Benefit Charge Threshold

3rd February 21

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

HMRC Suspends Filing Penalties Until 28 February

27th January 21

HMRC has announced a last-minute change to filing tax returns benefitting up to 3 million individuals ...

IR35: Off-Payroll Working In The Private Sector

20th January 21

As of the 6th April 2021, the Government has introduced new IR35 rules for individuals who offer services to businesses ...

The Statutory Residence Test And COVID-19 Restrictions

13th January 21

Because of travel restrictions, lockdowns and quarantines, an individual may stay in the UK longer than they planned ...

Taxation Of Serviced Accommodation

6th January 21

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

Wishing You All A Very Merry Christmas

23rd December 20

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

Capital Gains Tax: Proposed Changes Could Affect Share Sales

16th December 20

The OTS has released a report highlighting areas of disparity between Income Tax and Capital Gains Tax ...

HMRC Proposed Changes To Tackle CIS Abuse

9th December 20

A policy paper has been published by HMRC, covering a range of updates to the Construction Industry Scheme (CIS) ...

How To Have A Christmas Party In 2020

2nd December 20

Thanks to the Coronavirus pandemic, the office Christmas party is mostly not happening this year ...

Inheritance Tax: Gifts Out Of Income A Very Valuable Relief

25th November 20

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

HMRC's Let Property Campaign

18th November 20

Did you know about the Let Property Campaign? It is a lifeline for landlords who may not have realised that tax is due ...

The Coronavirus Pandemic And Unplanned UK Workdays

11th November 20

The pandemic meant non-UK residents stranded in the country had to undertake unplanned UK workdays ...

Car Or Van? Court Finds In Favour Of HMRC

4th November 20

When working out a benefit in kind, it can sometimes be difficult to decide if the vehicle you are looking at is a car or van ...

Transferring Business Assets On Divorce

28th October 20

HMRC recently issued new guidance on their views on reliefs available when transferring business assets on divorce ...

Independent Tax Consultants