Spotting signs of umbrella company fraud
An umbrella company is a business that may be used by a recruitment agency to pay temporary workers. However, many umbrella companies are not tax …
Time to Pay for Simple Assessment
A Simple Assessment is used for taxpayers with very straightforward tax affairs. A taxpayer may receive a Simple Assessment letter from HMRC if they owe …
Effective date of VAT registration
Businesses must register for VAT when their turnover exceeds the registration threshold (currently £90,000). This must be done if, at the end of any month, …
New evidence requirements for personal pension relief
Individuals who claim higher or additional rate relief for personal pension contributions through their tax code may now need to provide evidence in support of …
Major repairs to a let property – What is deductible?
The nature of buildings is such that it may be necessary to undertake significant repairs, such as the replacement of the roof, or even underpinning …
Passing on the farmhouse – Implications of the changes to APR and BPR
Currently, there is no limit on the amount of qualifying agricultural and business property that can benefit from the 100% rates of agricultural property relief …
Tax implications of letting a room in your home
As the cost of living rises, you may consider letting a room in your home to bring in some much-needed additional income. This can be …
The powers of HMRC’s debt collection department
HM Treasury’s recent ‘Policy Costing Document’ published to accompany the 2024 Autumn Budget contained two sentences which appear to have gone d by many financial …
VAT reclaim – When things don’t go to plan
Even the best laid plans are liable to change. The ‘payback and clawback rules‘ for VAT reflect this reality. These rules only relate to input …
Directors’ loan accounts – The 30-day rule
Interest rates are coming down, but HMRC’s official rate of interest (ORI) for employee loans has increased to 3.75% per annum (6 April 2025), and, …
Checking your tax code
The tax code is fundamental to the operation of PAYE. An employee’s tax code provides the employer with the information needed to deduct the correct …
Paying sufficient salary to get a qualifying year for state pension purposes
There are various ways in which profits can be extracted from a personal or family company. A popular and tax-efficient extraction strategy is to pay …
