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making tax digital Here you can find all our content and resources around Making Tax Digital guides Do you keep spreadsheets for your accounting records? Not only could this...
IHT and Reservation of Benefit: Avoiding the Unexpected
Inheritance Tax (IHT) can create unexpected complications when gifting assets while continuing to benefit from them. The IHT reservation of benefit rule applies when someone...
Negligible value claims
A special rule enables you to claim a capital gains tax loss where the value of the shares become negligible and you do not have to actually sell them. If you bought the...
Property – trading or capital gain
HMRC have introduced a new tax rule to take effect for property disposals made on and after 5 July 2016 by overseas investors to cause them to pay UK tax. But this might catch...
Research & Development (R & D) advance assurance scheme
This enables successful applicants with an assurance that their claims for R & D tax relief will not be subject to an HMRC enquiry and that HMRC will accept their first...
Corporation tax – reducing paperwork further
Acknowledgements to corporation tax returns filed will no longer be issued in paper form either to the company’s registered office or the agent acting. The acceptance of the...
Parking fines – Allowable against taxable profits?
Are Parking Fines Allowable Against Taxable Profits? Keyword phrase: “are parking fines tax deductible” Many businesses face the challenge of parking fines....
Understanding the Withdrawal of a Self-Assessment Notice to File
When Can a Self-Assessment Notice Be Withdrawn? A self-assessment notice to file is issued when HMRC requires an individual to complete a tax return. However, if the taxpayer...
The P800 process as it stands (Year ended 5 April 2016)
HMRC appear to be trying to be helpful by working out from the information they hold whether taxpayers have underpaid or overpaid tax. But the system is horribly flawed...
Simple tax assessments
HMRC will have the power from 2016-17 to assess an individual’s income tax or capital gains tax liability without them first being required to complete a self-assessment...
Estates and the nil rate dividend band and gross interest
Two changes, effective from 6 April 2016 will result in more estates having to settle tax liabilities arising during the period of administration. Prior to 6 April 2016 most...
Invest with HMRC?!
Following the reduction in base rate in August from 0.5% to 0.25%, HMRC have amended the interest rate due on late paid tax. HMRC have reduced all interest charge rates from...