The Government has released draft legislation which will ease the tax rules for many divorcing couples from April 2023. The changes follow recommendations made by the Office of Tax Simplification (OTS) in May 2021. What are the proposed changes to tax rules...
Filing VAT returns Businesses must file their VAT returns using functional compatible software. Most businesses are doing this successfully, but those who do not may be charged a £400 penalty for each VAT return filed. Keeping records digitally Businesses must also...
In Corrigall [2022], The First-tier Tribunal (FTT) found that earnings from diving could not be treated as income from a partnership. The appellant in this case was employed as a gas and air diver for UK and international companies. The appellant, however treated his...
Starting in April 2023 many second homeowners will not qualify to pay business rates rather than council tax. However, the good news is that if they can demonstrate that their properties are rented out as a self-catering holiday let for at least 70 days a year then...
We have successfully settled another VAT case and reduced the tax liability from over £4M to zero, for one of our clients. Our client, calculating and submitting their own VAT returns, had neglected to keep proper export evidence. HMRC conducted a VAT visit and...
HMRC have announced that they will be waiving late filing and late payment penalties by one month for Self-Assessment taxpayers. This is to give them additional time to complete their 2020/21 tax return and pay any due tax if needed. However, HMRC are still...
HMRC has launched a consultation into the methods used to calculate Stamp Duty Land Tax (“SDLT”) on purchases of mixed-use property. A mixed-use property is where a property is considered as both residential and non-residential. In addition, there may also be a reform...
On 1 April 2019 (this was not a joke!!) HMRC introduced Making Tax Digital (MTD) for VAT. Businesses above the current VAT threshold of £85,000 have since needed to submit their VAT returns using “functional compatible software”. As of 1 April 2022, all VAT...
A Freeport is designed to attract major domestic and international investment, these hubs of enterprise will allow places to carry out business inside a country’s land border but where different customs rules apply. At a Freeport, imports can enter with simplified...
The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will be squeezed by a rise in the cost of...
The Chancellor announced in his Autumn Budget that the R&D tax relief regime will be reformed. The key changes: The scope of the regime will be extended to support modern research methods by including expenditure on data and cloud computing costs The relief will...
Creative tax reliefs have been made even more generous following the Autumn Budget. Find out here if your company qualifies for these reliefs The Chancellor has announced a temporary increase in the rates of relief for the following tax reliefs: Theatre...