Reclaiming section 455 tax paid
In personal and family companies, directors often borrow money from the company as this is a cheaper and easier option than taking out a commercial …
Submit your tax return by 30 December to have your tax collected through PAYE
Although the deadline for submitting your 2022/23 tax return online is midnight on 31 January 2024, if you owe tax and you want to have …
Autumn Statement 2023
The Chancellor of the Exchequer has delivered his Autumn Statement 2023 to Parliament. The Treasury news story ‘Chancellor backs business and rewards workers to get …
Is a derelict property still a residential property for SDLT purposes?
The issue of whether a derelict a residential property and liable to stamp duty land tax (SDLT) at the residential rates was considered by the …
Letting the FHL for longer periods during the off-season
Letting holiday properties, particularly in coastal resorts, may have a strong seasonal bias, and when business is slow during the off-season, it can be tempting …
Can I deduct the higher interest costs of my new fixed rate mortgage?
Landlords coming to the end of their fixed rate mortgage deal are likely to be paying considerably more in interest when they remortgage. The extent …
Redundancy – Taxation of payments
Making any employee redundant is a difficult decision and potentially distressing for all involved. Getting the process wrong could result in one or more employment …
Associated company rules – Implications post-1 April 2023
It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has …
Exceeding VAT threshold temporarily – What can be done?
Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is …
Relief for pre-trading expenses
In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences. Expenses may be incurred on acquiring premises …
Get your overlap relief figure
If you have unrelieved overlap profits, you will not be able to claim relief for those profits after 2023/24. Overlap profits are profits that have …
Dealing with gift hold-over relief ‘nudge’ letters
HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be …
