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Tax Questions
60-Day Capital Gains Tax Reporting for UK Residents
My client is a UK resident and has sold 2 residential properties during the tax year. Property 1 is a property in Portugal and has made a loss in May during the tax year. Property 2,
Cash Basis Conundrum
Our client had an ordinary UK property letting business that ceased during the 2023/24 tax year on 30th September 2023. In prior tax years, the cash basis was used to prepare his rental
Substantial Shareholdings Exemption
How does the Substantial Shareholdings Exemption (SSE) work?
How does the Cycle to Work Scheme operate and what is the benefit of a Cycle to Work Salary Sacrifice scheme?
How does the Cycle to Work Scheme operate and what is the benefit of a Cycle to Work Salary Sacrifice scheme?
Borehole Capital Allowances
My client has a farming partnership, they have recently paid out over £10,000 on a borehole. The borehole will be used to pump water for the crops they grow on their farm and drinking water for th
Navigating Class 2 National Insurance Changes and Contribution Credits
I have been asked by a client about the changes to Class 2 National Insurance Contributions. He has been told that he does not need to pay any Class 2 National Insurance Contributions as he will be
Cash Accounting – payments that are received via an agent or factoring company.
My client does their bookkeeping on Xero, where invoices are raised and then sent to Hitachi Capital who administer all invoices. The VAT returns are filed on a Cash Basis. However, it takes
Navigating Inheritance Tax Planning: Understanding Gift with Reservation of Benefit (GWRB) Legislation
My mother, who is elderly, has several rental properties that she has owned for many years and we are worried about potential Inheritance Tax (“IHT”) charges on death. However, she will also ne
Simplifying Taxation for Self-Employed Traders and Unincorporated Entities
What is the basis period reform and what is the transitional year, what do I need to know?
Option to Tax notification and TOGC
Our VAT registered client is to buy a currently tenanted commercial property which they will continue to rent to the existing tenant. The seller is VAT registered and has opted to tax and so our cl
Installation of energy saving materials
My client installs solar panels. They have installed integrated solar panels into a domestic property. The panels are integrated into the roof of the property. The entirety of the existing roof of
What are the current rules for relieving trade losses?
What are the current rules for relieving trade losses?
Superannuation Contributions
Health and medical professionals are usually members of the NHS Pension scheme. For employees, this is operated via a ‘net-pay arrangement’ (not to be confused with salary sacrifice), where the
Super-deduction on solar panels
Can my limited company obtain the 130% super-deduction on solar panels?
Marriage Allowance
Can I elect for a Marriage Allowance transfer if my spouse earns more than the Personal Allowance?
Tax Treatment of Covid 19 Grants
I’ve had a number of clients tell me that they believe government grants such as the SEISS grants in respect of Covid 19 are not taxable, is this correct? If they are to be declared how is
COVID19 – Deferment of PAYE
My client has asked if there is a scheme to defer payment of PAYE, National Insurance and CIS deductions under the emergency measures brought about by the COVID 19 pandemic. He has heard about the
Off-payroll rules from April 2020
What type of companies do the off-payroll rules from April 2020 apply to and who has to deduct the tax and NIC.
S455 and Unpaid Share Capital
I am preparing accounts for a new client Company which has a sole director/shareholder. In reviewing the records I can see that the shareholder hasn’t paid for the £1000 £1 shares that were sub
Tax Relief for lease arrangements
I am considering acquiring a car through my company via a lease arrangement, what tax relief will the company be entitled to and what benefit in kind charge will I, as the director using the vehicl
Dividend in SDLT
My client’s company owns a property with one of the shareholders wanting to personally own the property. If it is paid out as a dividend in specie, will SDLT be due?
UK Residential Let
Where a client is in receipt of income from a UK FHL and also a UK residential let, can I use the cash basis for one of the sources and the traditional accruals basis for the other, or, do I have t
Eligibility for Employment Allowance
My client was the sole director of a limited company which provides training services to the NHS. This is the only business the company undertakes. The workload has grown to the extent that the com
Employment Allowance
I am currently claiming the Employment Allowance which significantly assists in cash flow for my business. I have heard that the rules are changing making it more difficult or impossible to attain
Offsetting Capital Gains Tax Liability
My client is selling his rental property and is having to pay an early redemption fee on his mortgage from his lender. Can I offset this against the capital gains tax liability?
Entrepreneurs Relief: Disposal of Assets
I understand that there have been some changes made regarding the qualifying conditions to obtain Entrepreneur’s Relief on the disposal of assets. Can you confirm the changes ple
Inheritance Tax Reliefs
Regarding Inheritance Tax reliefs, my client died and, at the time of death he had held shares in a limited company for 3 years. For 2.5 of those years the company was dormant, not
Capital Allowances: Structures and Buildings Allowance
I have heard a new capital allowance has been introduced in connection with buildings. Could you provide some mo
Tax Enquiry
What is a tax enquiry?
Company Car – Remuneration Package
My client is interested in providing a company car to a key member of staff. He wishes to make the offer by asking for a “salary sacrifice” The Vehicle will be an electric car with no emissions
Property Capital Gains
I am considering selling a property that was previously my main residence and is now let, what capital gains tax would be due and is there an optimum time to sell. Original base cost was £5
Revoking an Option to Tax
My client purchased a commercial property over 20 years ago and opted to tax it to claim the VAT he incurred. It has been r
Residential Property Interest
What is the definition of a residential property interest for the higher capital gains tax rate?
Property Investment Company
If the owner of a property investment company has their shares transferred to a discretionary trust can a claim for hold-over relief be made?
Self-Assessment Tax Return
In 2017/18 my client worked via their Limited Company and the contract was within the Public Sector so have been subject to the off payroll rules. When I complete his Self Assessment Tax Return I s
Benefits in kind for disabled employees
Our client, a director, is disabled. If the company buys him a wheelchair will there be a benefit in kind?
R&D Tax Credits
What are R&D Tax Credits?
Property Expenses
My client is letting a residential property to their niece at below market value rent how are the expenses treated.
Capital Gains Tax
My client’s tax question is – I am tax resident abroad and considering the sale of a property in the UK that was previously my main residence. Will I be liable to pay capital gains tax in the
Private Residents Relief
My client has sold a residential property, it was originally his main residence and then it was let out for a period of time. I have worked out that the private residence relief (including last 18
s455 CTA2010 Tax Charge
Is there any tax- exempt limit for S455 CTA2010 tax charge on the director or employee loans made by a close company?
Property Income
My clients are husband and wife and they jointly own a rental property that qualifies as a Furnished Holiday Let (FHL). I have always split the rental income 50/50 on their Self Assessment Tax Retu
Unexplained Wealth Orders
What are Unexplained Wealth Orders and can HMRC use them?
Tax relief for childcare vouchers
Has the tax relief for childcare vouchers ceased?