New Late Return and Payment Penalty System December 29, 2022In the past, many businesses will have been subjected to the Default Surcharge regime that penalised them for either submitting... 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
Is it a business? August 10, 2022For approximately 40 years, HMRC have relied upon a published set of 6 questions, derived from the historic Tribunal cases... 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
The organisation of football and netball leagues and pitch hire have been held to amount to the exempt grant of an interest in land, by the Upper Tribunal (UT) in the Netbusters (UK) Ltd v HMRC [2020] UKFTT 0438 (TC) (2 November 2020) August 4, 2022The question was is this a supply of an interest in land or a supply of sports league services? 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
Recovery of VAT incurred on digital services prior to VAT registration March 21, 2022We receive many queries regarding the charging of VAT on supplies of digital services supplied by overseas suppliers to UK... Read More
Specialist Consultation January 10, 2022As accountancy practices start to emerge from the pandemic at the start of 2022 and look at improving all aspects... 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
Moving goods between mainland UK and Northern Ireland within a VAT Group November 2, 2021Q: My client is a UK VAT Group registration with members being located in both mainland UK (GB) and Northern... Read More
Making Tax Digital (MTD) is being imposed on everyone October 14, 2021HMRC have published a policy paper outlining the final phase of Making Tax Digital (MTD) for VAT returns which means... 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
VAT – Temporary reduced rating, and the return to normal for hospitality, holiday accommodation and attractions September 22, 2021It did not take long for the effects of lockdown to be felt in the hospitality sector, and while some... Read More
Annual Investment Allowance for accounting periods straddling 1 January 2022 September 16, 2021Currently the maximum Annual Investment Allowance (AIA) available on expenditure incurred on Plant and Machinery (P&M) is £1,000,000. From 1... 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
AD-VANTAGE WITH YESTAX: A BRILLIANT NEW PARTNERSHIP! July 22, 2021We are delighted to announce that YesTax is now an official partner of Vantage Fee Protect for the provision of specialist tax services.... Read More
