Is it worthwhile making additional pension contributions before 6 April 2022?
It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered
Changes to interest on VAT repayments from HMRC
Under current rules, if a VAT return shows that a repayment is due then HMRC should repay within 30 calendar days of receiving the business’s
Difference between tax planning and tax avoidance
Recent years have seen HMRC stepping up its efforts to reduce what is termed the ‘tax gap’ (defined as being the amount of tax that
Compulsory acquisition of land – tax consequences
The decision to sell land or property will, in most cases, be made by the taxpayer. However, in the case of a compulsory purchase the
SDLT savings for mixed use property
Different stamp duty land tax (SDLT) rates apply to residential and to commercial properties. The residential rates are higher, particularly where the 3% supplement for
Can you benefit from the £1,000 property allowance?
If you have income from land and property, you may be able to take advantage of the property allowance. The allowance can be used in
Should you pay a dividend before 6 April 2022?
If you operate your business through a personal or family company and extract profits in the form of dividends, it is prudent to review your
Capital gains tax annual exempt amount – use it or lose it
The tax system contains a number of allowances which enable individuals to enjoy income and gains tax-free. One of these allowances is the annual exempt
Tax issues on transferring shares to family – succession
Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time
The future for tax payments
The government receives its tax money on different dates depending upon the type of tax charged. Taxpayers taxed under PAYE usually pay their tax bills
‘Dynamic’ PAYE Tax Coding
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronically before making any salary or wage payments. To ensure that the right amount
Will you have to pay the SDLT surcharge?
If you already own at least one property and you buy a residential property in England or Northern Ireland, you may have to pay the
Companies limited by guarantee
Companies Limited by Guarantee (CLG) are private companies that do not have shares or shareholders but instead have members called ‘guarantors’. The members agree to
Treating 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
Increasing the normal minimum pension age
The normal minimum pension age (NMPA) is the age at which most pension savers can access their pensions without incurring an unauthorised pension charge (unless
Different ways of deferring CGT
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
Residential Property Developer Tax
Legislation has been published in draft which will bring a new tax – the Residential Property Developer Tax (RPDT) onto the statute book. The publication
Reporting income from property
The deadline for filing the 2020/21 self-assessment tax return online is 31 January 2021. If you received income from property, you may need to tell
Get ready for the next steps of Making Tax Digital
Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most
SDLT and shared ownership
Shared ownership can enable an individual to own a stake in a property where they would not otherwise be able to get on the housing
Stamp duty land tax refunds
The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of residential properties costing £40,000 or more and if all of
Relief for replacement of domestic items
In a furnished let, wear and tear of domestic items is inevitable and there will come a time when the landlord will need to provide
Special capital gains tax rule for transfers of assets between spouses
Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a special rule