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
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
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
Reasonable Excuse – Recent Development October 22, 2020The recent case of Belloul v HMRC provides an interesting view on the concept of the definition of “reasonable excuse”... Read More
Reasonable Excuse – Recent Development September 8, 2020The recent case of Belloul v HMRC provides an interesting view on the concept of the definition of “reasonable excuse”... 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
