TAX
Determinations under self-assessment
If you are issued with a notice to file a self-assessment tax return and do not file it on time HMRC can issue a determination of your tax liability within three years of the...
Transferrable married couple’s allowance
Introduced from 6 April 2015 it would appear that HMRC’s on-line claim form is not currently accessible. Do not worry. If you are within self-assessment it should be possible...
Trivial perks
This is back on the legislative programme and hopefully will take effect from 6 April 2016. The new tax and NIC exemption of £50 will apply to as many perks as you want to...
Child benefit
As you may be aware if the taxable income of either of the partners to a civil relationship or marriage falls between £50,000 and £60,000 the child benefit is clawed back at...
Budget – Corporation tax rates
With effect from 1 April 2017 the corporation tax rate will be reduced to 19% and with effect from 1 April 2020 to 18%. This is fine provided that the additional costs that...
Mainstream corporation tax rate reduced to 20%
With effect from 1 April 2015 there is one main rate of 20% applying to the majority of UK companies irrespective of their level of profit. At the same time the rules for...
Is it time to withdraw from tax avoidance schemes?
HMRC have recently won 3 tribunal cases against tax avoidance schemes. The objective of these schemes was to save substantial amounts of tax by claiming artificial losses by...
Tax Schemes
We have been asked to act recently on a couple of cases where individuals have become involved in tax schemes and have come to regret it. On some tax schemes the promoters...
Marriage Allowance
Registration opens for new Marriage Allowance HMRC have recently announced that married couples can now register their interest in applying for the new Marriage Allowance ...
Capital gains tax and second homes
One consequence of the new rules being brought in  from 6 April 2015 could potentially affect people with more than two residences in the UK.  For a residence to be treated...
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