My client is in the process of selling woodland whose trees are being sold as ‘pending issuance units’ (PIUs). Will the value attributable to the woodland be exempt from Capital Gains Tax? May 17, 2023First, a little background… The UK Woodland Carbon Code (WCC) is a government backed standard for woodland creation projects across... Read More
HMRC Cracking Down on R&D Claims May 10, 2023Companies that conduct Research and Development (R&D) need to be aware of the upcoming changes in the R&D tax relief... Read More
Challenges Posed by HMRC Enquiry May 3, 2023There has been a considerable increase in HMRC’s scrutiny of claims, with bona fide claims being rejected on the basis... Read More
Research & Development –The New Rules for SMEs April 27, 2023Research & Development –The New Rules for SMEs With effect from 1 April 2023, the rules applying to R&D relief... Read More
HMRC Enquiry Challenges April 17, 2023There has been a considerable increase in HMRC’s scrutiny of claims, with bona fide claims being rejected on the basis... Read More
Increase in the National Living Wage April 5, 2023The National Minimum Wage Act 1998 introduced a statutory right to be paid a certain amount of remuneration for work... Read More
Did Truss Get It Right On Tax…? March 21, 2023…sort of! Cutting through all of the political hyperbole and potentially poor timing of the previously announced tax cuts and... Read More
Budget Summary March 2023 March 16, 2023Hunt for growth Jeremy Hunt opened his first full Budget speech by declaring that it was a ‘budget for growth’.... Read More
Business Asset Disposal Relief – Have You Had Too Much Of A Good Thing? March 14, 2023Key Points HMRC are now issuing letters to taxpayers whom they believe have made claims for Business Asset Disposal Relief... Read More
Annual Tax on Enveloped Dwellings (“ATED”) March 7, 2023Key Points Revaluations of property are required based on Market Value on 1 April 2022 Properties within ATED require reports... Read More
Under the Radar – the Relevant UK Earnings Tax Charge March 1, 2023Under UK law, pension contributions are an attractive and tax efficient way of saving for one’s retirement. However, there are... Read More
Super-Deduction Withdrawal Or, A Tale Of Two Donovans February 22, 2023Last year was certainly a rollercoaster. From the highs of the Platinum Jubilee, the Lionesses winning the Euros, and a... Read More
Winning Tactics To Adopt In Your Dispute With HMRC February 15, 2023Sarah Scala is an Associate Partner and Head of the Tax Dispute Resolution Team at Claritas Tax. Sarah also founded... Read More
Employee Ownership Trusts (EOTs) – A silver bullet? February 8, 2023Whilst the legislation governing EOTs was first introduced back in 2014, I’d say the term has only established itself in... Read More
What are the changes to overseas R&D? February 1, 2023Under the current rules for both schemes, companies are able to claim relief on R&D activity that is conducted overseas.... Read More
HMRC & “NUDGE” LETTERS – How Does Your Tax Fee Protection Policy Respond – If At All! January 25, 2023As the UK Government looks to fill the black hole caused by the Covid-19 Pandemic and the current financial crisis,... Read More
R&D TAX RELIEF – IT WILL NEVER BE A BETTER TIME TO CLAIM January 13, 2023One area which has been widely scrutinised in recent weeks, and has become a target area for clamping down on... Read More
100,000 taxpayers fined by HMRC for inaccurate tax returns January 4, 2023Volume of fines paints stark picture of non-compliance, in timely warning to the self-employed. In the 2021/22 tax year, over... Read More
MTD Update: Government announces more time to prepare for MTD for ITSA mandation December 21, 2022Please can we draw your attention to the important update below, issued by HMRC in respect of Making Tax Digital... Read More
Autumn Statement 2022 November 28, 2022The new chancellor, Jeremy Hunt, delivered his Government’s Autumn Statement on 17 November 2022, having previously reversed almost all the... Read More
The High Income Child Benefit Charge – An Unexpected Cost For Those With ‘High Income’ November 22, 2022With the rise in living costs, child benefit will become more important than ever to enable families to provide their... Read More
SEIS / EIS – What Is It And What Could Possibly Go Wrong? November 22, 2022You’ve found an investor who sees the potential in your company and wishes to invest, however they will only do... Read More
The National Living Wage (NLW) will rise to £10.42 from 1 April 2023, an increase of 92 pence or 9.7 percent! November 18, 2022In the autumn budget on the 17 November 2022, it was announced that the living wage would increase from £9.50... Read More
When someone dies and their residential property is sold, should the disposal and capital gain be reported on the deceased’s Tax Return for the year of death? November 17, 2022Was the property sold before the individual died? If the property was sold before the individual died, the disposal was... Read More
Annual Investment Allowance for accounting periods straddling 1 April 2023 September 26, 2022Currently the maximum Annual Investment Allowance (AIA) available on expenditure incurred on plant and Machinery (P&M) is £1,000,000. From 1... Read More
September 2022 Mini-Budget September 23, 2022Today’s mini-budget contained a few surprises. We will be reviewing the changes in more detail in the coming weeks but... Read More
CONTROVERSIAL ADMINISTRATIVE CHANGE FOR R&D TAX RELIEF FROM 1ST APRIL 2023 September 15, 2022Draft legislation for upcoming changes to R&D tax relief were revealed as part of Legislation Day, back in July. There... Read More
Household bills are increasing but what can I claim back from my business for working from home as a sole trader? September 6, 2022The UK has seen a significant increase in energy costs with most households on variable tariffs, and some households penalised... Read More
My client owns a rental property and in light of proposed interest changes has decided to re-mortgage the property. Their lender has charged an Early Redemption Penalty. They have the option to settle this in full now or roll it into a new mortgage with a different lender.Would the payments be tax deductible? August 22, 2022Early redemption penalties (“ERP”) can be deductible against the rental profits. Section 272B(5)(c) IITOIA 2005 allows a deduction for: interest,... Read More
I have a client who is a director of a limited company which he intends to wind down. He is also on the payroll as an employee and would like to take £30,000 from the company as a tax-free redundancy payment. Can he do this? August 10, 2022This is a question we are being asked more regularly following both the COVID-19 period and also changes to the... Read More
