Year: 2023

At the Autumn Statement, HMRC were given a further £79m to continue to tackle tax avoidance and evasion. HMRC believe that this will raise a further £725m in additional tax. We believe that HMRC will therefore open a significant number of tax enquiries in 2023, compared to prior years. Even if you have nothing additional […]

Whilst the new tax year is a few months away, we felt it was a worthy time to remind taxpayers that the capital gains tax allowance for 2023/24 is decreasing to £6,000 from the current level of £12,300. This means that the tax bill on the sale of a property on 6 April 2023 could […]

Sometimes it is obvious that a trade is being undertaken – a plumbing business, a manufacturing business, an accountant or solicitor are all ‘trades’. However, not all trading activities are easily identifiable. If you buy and sell a property in relatively quick succession for example, is that a trade in HMRC’s view or the sale […]

Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief potentially providing 100% tax relief in respect of qualifying assets (termed ‘relevant business property’) relating to both lifetime transfers of business assets or in the death estate, providing, of course, certain provisions apply. Different conditions apply depending on whether the assets are transferred during […]

The Construction Industry Scheme (CIS) is a tax deduction scheme under which tax is deducted from payments made to subcontractors for construction work unless the subcontractor is registered with HMRC for gross payment status. HMRC recently published guidance on the application of the CIS to property investment companies after it came to their attention that […]

Taxpayers unable to settle their tax liability on time may be able to make a Time to Pay arrangement with HM Revenue and Customs (HMRC). Self-Assessment  If you are a Self-Assessment customer, you may be able to set up a Time to Pay arrangement online through your Government Gateway account if the following criteria are […]

The deadline for completing your 2021/22 self assessment tax return is 31 January 2023. If the tax return is not completed prior to this date, you will receive a £100 late filing penalty for missing the deadline. Where the delay in filing the tax return continues, daily £10 penalties will apply from 1 May 2023. […]