TAX
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 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...
Post-transaction valuation check
It is possible to ask HMRC to check valuations (for capital gains tax) after a disposal has been made but before you submit the relevant tax return. This service is available...
Stamp duty land tax (SDLT)
1. For transactions with an effective date (usually completion) on or after 1 March 2019, the due date for the payment of SDLT is now 14 calendar days after the effective...
What happens if I move to or from the UK?
An individual who is UK resident is taxed on their worldwide income and gains. A non UK resident is generally only liable to pay tax on income arising from UK sources, and capital gains derived from residential property located in the UK.
Thinking of moving to the UK?
UK tax residents are subject to UK tax on their worldwide income and gains on an arising basis. UK tax residence is determine by the Statutory Residence Test.
P11D deadline approaching!
6 July 2018 is the deadline for employers to submit forms P11D detailing any benefits in kind received by their staff in the 2017/18 tax year (such as private medical...
What happens if I get married?
Although it’s usually not the main reason people choose to get married or enter into a civil partnership, there are a number of tax benefits which only apply to married...
Last chance for participators in tax avoidance schemes?
Individuals who participated in disguised remuneration tax avoidance schemes (which typically involved money being moved to an offshore trust, EBT or EFRB before being loaned...