Running a business - Tax & NI

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INHERITANCE TAX - 19.03.2024

Saving IHT with a letter of wishes

The inheritance tax (IHT) exemption for gifts between spouses looks generous but may ultimately do no more than defer tax. How can your clients use a letter of wishes to turn the exemption into real tax savings?
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STAMP DUTY LAND TAX - 19.03.2024

Budget brings changes to SDLT

Stamp duty land tax is paid by the buyer of legal interests in property located in England and Northern Ireland. The 2024 Spring Budget made a number of changes, so which are the key ones that may affect your clients?
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PROPERTY - 19.03.2024

Tax implications of property exchanges

A client is looking to downsize and has agreed with a friend to swap their main residence. They also jointly own two investment properties with their brother which may benefit from being separated into sole ownership. What are the key tax issues to consider and will both exchange transactions be treated the same?
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VAT - 19.03.2024

Management charges between connected companies

One of your clients owns two companies and wishes to move profits between them. Another client has a holding company that wants to charge its trading subsidiaries for its services. What VAT issues must they consider before making management charges?
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TAX CASES - 19.03.2024

Was return notification enough to uphold late filing penalties?

Case. Ms Godliman (G) received late filing penalties for the 2017/18 and 2018/19 tax years. She had completed returns since 2013/14 late, but HMRC had cancelled the corresponding penalties. Her returns for the two years concerned showed a mix of employment and self-employment income; the latter being the reasoning for her being required to make a return. However, at the appeal G contested that she had been placed into self-assessment in error. She had undertaken work for a non-compliant employer who had not issued payslips or a P60 . ...
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BUDGET - 19.03.2024

How does the Budget impact clients?

Following on from January’s reduction in Class 1 NI, the 2024 Spring Budget continued to focus on individual taxpayers. What were the highlights for your clients?
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Running a business - Tax & NI

Most read Tips & Advice

CAPITAL GAINS TAX - 04.01.2024

HMRC rewrites rules on private residence relief

Tribunal ruling. We recently told you about the Upper Tribunal’s judgment in the dispute between Mr and Mrs Lee and HMRC ( yr.24, iss.3, pg.2 , see The next step ). The ruling overturned HMRC’s longstanding view of when ownership begins for the purposes of capital gains tax private residence relief (PRR), specifically where a person builds a home on land they already own. The Tribunal decided that for PRR purposes ownership starts when the home is ready for occupation and not when the land was acquired to occupy. As we expected, HMRC has chosen not to appeal against the decision but instead has changed its guidance to comply with it. Revised guidance on PRR has been added to HMRC’s Helpsheet HS283 (Private Residence Relief) . HMRC internal guidance will also be amended (see The next step ). ...
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CARS & VANS - 24.01.2024

When is a vehicle “available” as a company car or van?

After a routine compliance check HMRC is demanding years of back tax and NI plus penalties from our subscriber simply because once every few months an employee uses the firm’s van for work. Is HMRC right or just trying it on?
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AUTUMN STATEMENT - 02.01.2024

Under-radar changes announced

The National Insurance cuts announced in the 2023 Autumn Statement grabbed the headlines, but there were a number of other changes to note. What were the most important to be aware of?
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