Tax

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PROPERTY - 17.04.2024

Act quickly to comply with the ATED

Your company owns a city flat for use by directors and employees. Its value has risen in recent years. Might this mean that the annual tax on enveloped dwellings (ATED) now applies and, if so, what steps must you take?

CAPITAL GAINS TAX - 17.04.2024

Did MP dodge capital gains tax?

A story about Angela Rayner MP and the sale of her property has recently been doing the rounds in the media. The reports suggest that the police are investigating possible tax evasion. Is this justified or just wild speculation?

PENSIONS - 17.04.2024

The latest on pension lifetime limits

Pension companies are currently sending letters to many taxpayers saying that they have used some of their lifetime allowance (LTA). As the LTA has been abolished, why are the letters being sent and why might they matter?

CONSTRUCTION INDUSTRY SCHEME - 17.04.2024

No more CIS tax refunds

It pays not to talk. HMRC seems hell bent on ditching access to its services by phone. In the last couple of years contacting HMRC by phone for most tax issues has been increasingly limited. The latest victims of the HMRC cutbacks are companies who want to claim a refund of deductions made under the construction industry scheme (CIS). ...

PAYROLL - 17.04.2024

PAYE procedures relaxed for salary advances

Simplification. Following a short consultation HMRC has gone ahead with simplification of PAYE procedures where an employer makes an advance of salary to an employee or director. New regulations became effective from 6 April 2024. Pay now, report later. Until the new regulations became law employers were required to treat a pay advance as a normal salary payment, which in turn meant reporting it to HMRC on a full payment submission (FPS). It’s now possible for employers to make a salary advance without submitting an FPS as long as the advance is not a regular arrangement, it reduces the next normal salary payment only and doesn’t exceed the value of salary accrued by the employee at the time of the advance. ...

INCOME TAX - 17.04.2024

Deadline for child benefit tax

Changes to the high income child benefit charge mean some couples will pay less tax. Others can also benefit but must take steps to do so. What’s required and when?

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Tax

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VAT - 18.03.2024

Leasing cars - what are the VAT pros and cons?

You’re considering leasing instead of purchasing cars for your business. This will improve cash flow and, according to the salesperson, allow you to reclaim VAT that you would not otherwise be entitled to. Are they correct?

LOANS - 18.03.2024

Make your mortgage interest tax deductible

A friend has told you that his accountant was able to get him tax relief for his home mortgage interest. As relief for this type of interest ended decades ago, how was it possible and might you be able to do the same?

PROFIT EXTRACTION - 20.02.2024

Planning your year-end dividend

The end of the tax year is approaching and you want to make full use of the 8.75% tax rate that applies to dividends. How can you work out how much dividend you can take and ensure its payment before the tax year ends?

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