06/Jan/2022How HMRC deals with tax debts
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their debt collection work intending to […]
29/Dec/2021Key Business Trends for 2022
The world is changing fast and businesses are having to adapt accordingly. Businesses across the world have been grappling with rapid transformation because of changes to working practices, shifts in […]
24/Dec/2021Capital allowances and furnished holiday lettings
When it comes to let properties, furnished holiday lettings (FHL) are a special case and benefit from a number of concessions not available to standard lets. The concessions are only […]
22/Dec/2021Reporting and paying tax on UK residential property gains
Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment made on account of the […]
21/Dec/2021Do I need to top up my pension?
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are […]
20/Dec/2021Overlap profits – What are they and when is relief given?
Under the current rules for determining which profits of an unincorporated business are taxed in a particular tax year, some profits may fall to be taxed twice in the opening […]
16/Dec/2021Income from savings – What is tax-free
Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all […]
13/Dec/2021Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However […]
06/Dec/2021Payments on account – Who needs to pay and how are they calculated?
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided. The exception to this is […]
29/Nov/2021Different ways of deferring CGT by selling or gifting a business asset – hold over relief, roll over relief etc.
Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including […]
26/Nov/2021Treating deposits from tenants correctly for tax purposes
A landlord will normally take a deposit from a tenant when letting a property to cover the cost of any damage caused to the property by the tenant. A deposit […]
19/Nov/2021Reporting income from property
The deadline for filing the 2020/21 self-assessment tax return online is 31 January 2022. If you received income from property, you may need to tell HMRC about it on your […]
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