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
Reminder of Changes to Principal Private Residence (PPR) relief from 6 of April 2020 August 4, 2022PPR relief has been a tax relief against the gains arising on the sale of a property that is or... Read More
The return of two Corporation Tax rates May 25, 2022In March 2021 it was announced that from 1 April 2023 the rate of corporation tax would increase to 25%,... Read More
Working from home allowance – current position May 20, 2022The working from home allowance has been around for 20 years but it was “relaxed” during covid meaning more people... Read More
Time to change the tax year? November 23, 2021The Office of Tax Simplifications wants the Government to simplify the tax year. PQ magazine editor Graham Hambly looks at... Read More
Are you ready for the plastic packaging tax? September 30, 2021Craig Harman explains the new plastic packaging tax will mean for businesses and why they should be planning for the... Read More
TAX PLANNING WITH SHARES AND SPOUSES – AVOID THE TRAPS! August 26, 2021Many “one-man” companies, and indeed many “close” companies within the OMB/SME sector, utilise their directors’ tax free allowances by paying... Read More
Goodwill Hunting August 5, 2021Mark McLaughlin points out two circumstances in which business owners may be thankful for goodwill in the business The valuation... Read More
Deal Or No Deal? August 5, 2021Mark McLaughlin points out that some shareholders may prefer proceeds from a company purchase of their shares to be treated... Read More
Late Payment Penalty – Don’t get caught out! July 21, 2021The payment deadline for the second payment on account for 2020/21 is 31 July 2021. Failure to meet this deadline... Read More
Professional Indemnity Insurance & Regulation in the Tax Advisor Market June 30, 2021At The Spring Budget in 2020 the Government asked for evidence to look at ways to raise standards in the... Read More
Budget 2021 – Further Changes Explained March 23, 2021On 3 March 2021 the Chancellor delivered his 2021 Budget upon the backdrop of the current Covid pandemic, and the... Read More
Budget 2021: Stamp Duty Land Tax March 5, 2021Given the high take up of property purchases following the temporary increase of the 0% SDLT rate to £500,000 which... Read More
Budget 2021: Changes to Corporation Tax March 5, 2021In his Budget Speech on 3 March 2021 the Chancellor, Rishi Sunak, announced a number of changes to Corporation Tax.... Read More
HMRC refuse to move on filing deadline January 5, 2021Representatives from the professional accountancy bodies met with HMRC to urge them to move the 31 January 2021 filing deadline... Read More
Adversely affected business by coronavirus September 17, 2020Self-Employment Income Support Scheme What is an Adversely Affected Business? A taxable grant was payable to eligible self-employed individuals (and... Read More
COVID-19 Statutory Self-Employment Pay Scheme March 30, 2020On 26 March 2020, the Chancellor announced the following new measures to help self-employed businesses through the current Coronavirus pandemic.... Read More
Coronavirus update – Deferment of July 2020 Payment on Account March 27, 2020HM Treasury have recently released an update on the option for a taxpayer to defer their second Self-Assessment Payment on... Read More
What is IR35? February 12, 2020IR35 is a set of tax rules which form part of the Finance Act. The original part of legislation came... Read More
History of Goodwill December 9, 2019We are often asked for the various dates relating to amortising goodwill for tax in companies. So here is a... Read More
Pension Annual Allowance and the over 55s and Pensions Recycling November 8, 2019Since 6th April 2015 it has been possible for those over 55 to flexibly access their defined contributions pension schemes... Read More
Extension to Entrepreneurs Relief – Investors Relief October 25, 2019When Business Asset Taper Relief was abolished on 5 April 2008 and Entrepreneurs Relief succeeded from 6 April 2008 there... Read More
HMRC Challenges Private Sector Personal Service Companies (PSC) September 27, 2019By now you may have already heard that HM Revenue & Customs has written to around 1,500 PSC’s providing services... Read More
Structures and Buildings Allowance (SBA) July 3, 2019The Chancellor announced on 29 October 2018 the introduction of a new capital allowance for new on-residential structures and buildings... Read More
Taxation of Cryptoassets January 15, 2019HMRC updated the guidance on the tax treatment of cryptoassets, such as bitcoins, on 19th December 2018. The paper sets... Read More
Phoenixing Rules – Rising from the Ashes August 9, 2018FAQs – Phoenixing Rules A topic that is frequently asked about on our helpline relates to the Phoenixing Rules. “Phoenixing”... Read More
Taxation of Capital Gains July 30, 2018Taxation of capital gains – scope extended by HMRC HMRC extends the scope of the UK’s taxation of capital gains... Read More
