Divorce and the former marital home
On separation or divorce, it is common for one spouse to move out of the family home and for the other spouse to continue to …
When does the period of ownership for PRR start?
Private residence relief (PRR) removes the capital gains tax charge that would otherwise arise on a gain on the disposal of an only or main …
PAYE settlement agreements – What are they and how do you set one up?
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits …
Is it time to disincorporate?
On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate …
Can mileage claims include loan interest?
The Approved Mileage Allowance Payment (AMAP) was introduced in 2002 as a statutory simplification to allow employers to make tax-free payments up to certain limits …
Depreciation versus capital allowances
Tax and accounting rules are not identical and it is sometimes necessary to adjust the accounting profit to arrive at the profit for tax purposes. …
Reporting payment to HMRC if you pay your employees early in December
Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment …
Can you benefit from the marriage allowance?
The marriage allowance is not a separate allowance as such – rather, it is a transfer of part of one spouse or civil partner’s personal …
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 …
