Class 2 NIC refunds made in error – Action to take
Class 2 National Insurance contributions are flat rate contributions which for 2023/24 and earlier tax years are payable by the self-employed where their profits exceed …
Making student loan repayments through Self Assessment
There are three ways in which former students with student or post-graduate loans can make loan repayments: Students will normally start making repayments from the …
VAT flat rate scheme – Is it for you?
The VAT flat rate scheme is a simple VAT scheme for smaller VAT-registered businesses. Rather than pay the difference between the VAT charged to customers …
Wealthy taxpayers within PAYE – When is a tax return required?
Earlier this year, HMRC wrote to wealthy taxpayers who had not submitted tax returns for 2020/21 and/or 2021/22. A letter was sent where the taxpayer …
When is a child’s income taxable on their parent?
Children may have their own income. This may be in the form of savings income on accounts that they hold or, for older children, income …
Tax implications of letting out your drive
If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can …
Letting through a company
The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favourable furnished holiday letting rules and lower rates of …
Brightline test for FHLs ruled out
Landlords with furnished holiday lettings (FHLs) face an uncertain future. At the time of the Spring 2024 Budget, it was announced that the tax regime …
Encouraging private investment into small and medium-sized companies
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities while maximising capital inflow. These schemes are designed to …
VAT – payback and clawback rules – what happens if there is a change of plan?
VAT applies to taxable supplies made by a VAT-registered person whether an individual or a company. VAT-exempt supplies in the UK are goods and services …
Is it worth filing a formal complaint with HMRC?  Â
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour …
Tax relief on charitable donations
If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If …
