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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
Tax relief for pre-trading expenses
There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Before it is able
Identifying a UK property rental business
Where a landlord runs an unincorporated property business, the profits from that business are charged to income tax. Where the business is carried on through
Undertaking work on a rental property while empty – can you deduct the costs?
Where a property is let out, there are likely to be periods when the property is empty, either between tenants or, in the case of
Income from savings – What is tax-free
Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer
Do I need to top up my pension?
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at
Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their
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
Reporting and paying tax on UK residential property gains
Where a chargeable gain arises in respect of a UK residential property, since April 2020, the gain must be reported to HMRC and a payment
Payments on account – Who needs to pay and how are they calculated?
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided.
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