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...
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...
The Chancellor announced in his Autumn Budget that from 27 October 2021 the deadline for UK residents to report and pay Capital Gains Tax (CGT) after selling UK residential property will increase from 30 days after the completion date to 60 days. This change follows a...
What is the Trust Registration Service (TRS)? The Trust Registration Service (TRS) was introduced in June 2017 as a result of the 4th Money Laundering Directive (‘4MLD’) to gather more information about trusts in a drive towards more transparency and to enforce...
For many years HMRC have operated a concession under which associate dentists are treated as self-employed for tax purposes rather than employed. However, from 6 April 2023, this concession will be removed. How will this impact dental practices? At present, the...
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent...
The government has published draft legislation outlining how they aim to change the current rules for taxing partners in cases where the partnership’s year-end does not fall on 31 March or 5 April. What changes are being proposed? Partners will be taxed on the...
HMRC updates Salary Sacrifice guidance HMRC has removed the guidance on 'Salary sacrifice arrangements set up before 6 April 2017' as the transitional arrangements for calculating the value of the benefit came to an end on 5 April 2021. A salary sacrifice arrangement...