TAX
HMRC’s Online Gateways – Can you access them?
Going are the days of interacting with business and government via the medium of paper and telephone. Increasingly we are all encouraged to adapt to communicate through their...
Tax Planning Opportunities
Could some of the negative impacts of the virus actually provide some tax planning opportunities? Clearly, the COVID-19 pandemic is going to have a significant economic impact...
Sale of UK Residential Property – Awareness of new rules
The government implemented changes to the Capital Gains Tax (‘CGT’) rules from 6 April 2020 in relation to the sale of UK Residential Property. The previous rules required...
Investors Relief – Do you qualify?
Investor’s Relief (‘IR’) came into play 17 March 2016, so by no means is it new. So why are we talking about it? Well, the conditions imposed to qualify for the relief where...
Self-employment income support scheme!
The Government’s self-employment income support scheme is going to be launched next week, with a staggered roll out to those who are eligible. The main conditions for...
Capital Gains Tax (CGT) Loss Planning
Are you facing a tax bill having incurred capital gains tax liabilities during the 2019/20 tax year, but recently also lost value on other assets as a consequence of the stock...
The Tax Gap
HMRC released their latest report on the tax gap in June. The tax gap is the perceived difference between how much tax revenue should be paid, in accordance with relevant...
Research & Development (R&D)
A study by an independent organisation concluded recently that there was approximately £84 billion in unclaimed research and development relief. Consequently, I am seeking to...
Director’s and personal tax returns
For years HMRC insisted that a director must register for self-assessment and complete a tax return even if there was no income to report. This was not a legal requirement,...
Capital Allowances
Three changes of note were announced in the 2018 budget, each with different implementation dates; 1. The special writing down allowance rate has been reduced from 8% to 6%...
Directors’ overdrawn loan accounts and repayment of section 455 tax
If a director’s loan account has been repaid and the previous section 455 tax can be reclaimed (25% of the amount ‘loaned’ up to 5 April 2016, 32.5% from 6 April 2016) there...
Form R40 – Tax Repayment Claims
Trust income is a problem! Where a taxpayer has a received income from an interest in possession trust the HMRC computer is not calculating the correct repayment due. This...