Tax News

HMRC enquiries set to rise?

HMRC enquiries set to rise?

Date posted: 9th Jan 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…

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Residential properties – capital gains tax reporting after 5 April 2023

Residential properties – capital gains tax reporting after 5 April 2023

Date posted: 9th Jan 2023

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…

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Hobby business or trading?

Hobby business or trading?

Date posted: 9th Jan 2023

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…

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Business Property Relief — ensuring that your company and its assets are 100% inheritance tax free.

Business Property Relief — ensuring that your company and its assets are 100% inheritance tax free.

Date posted: 9th Jan 2023

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…

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The Construction Industry Scheme and property investment companies

The Construction Industry Scheme and property investment companies

Date posted: 9th Jan 2023

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…

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Time to Pay arrangement

Time to Pay arrangement

Date posted: 9th Jan 2023

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…

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Tax Return deadline – 31 January 2023

Tax Return deadline – 31 January 2023

Date posted: 9th Jan 2023

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…

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Transferring assets between spouses

Transferring assets between spouses

Date posted: 25th Nov 2022

Although spouses and civil partners are taxed independently, there are some tax breaks available. One of these is the ability for spouses and civil partners to transfer assets…

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New VAT penalty regime from January 2023

New VAT penalty regime from January 2023

Date posted: 25th Nov 2022

The current VAT default surcharge system will be replaced, in January 2023, with a new penalty based points system for all VAT returns that are either submitted late or…

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Buy to let property companies – good idea?

Buy to let property companies – good idea?

Date posted: 24th Nov 2022

Tax changes in recent years to the way that unincorporated landlords are treated for tax purposes, particular in respect to relief for interest, have resulted in an increase…

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