Tax - Income tax

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INVESTIGATIONS - 03.04.2024

Penalties for not reporting a tax liability

The First-tier Tribunal (FTT) recently had to decide if HMRC was right to issue tax assessments and penalties because a taxpayer had provided inadequate information about her income. What practical advice can be learned from the FTT’s ruling?
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EXPENSES AND BENEFITS - 03.04.2024

Celebrating a company milestone and the tax consequences

Our subscriber’s company is celebrating 25 years in business with small gifts to customers and a party for its staff. What tax deductions is it entitled to for the extra costs it incurs?
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EXPENSES - 02.04.2024

Overseas business trip with the family - is it taxable?

Our subscriber is making an overseas trip for business and is taking her spouse and two children so they can holiday while she’s working. Her question is, can she put the expense through her company and if so are there any tax considerations?
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INVESTMENTS - 02.04.2024

EIS - retrospectively reduce your tax bill

You want to make a tax-efficient investment and you’ve read that one which qualifies for the enterprise investment scheme (EIS) is a good option because it means you can reclaim tax you paid on 31 January. How does this work in practice?
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DOMICILE - 19.03.2024

Non-domiciled regime set to be axed from 2025

Clients who are UK-resident, but not UK-domiciled, for tax purposes will no longer be able to use the remittance basis to shelter overseas income and gains from April 2025. A new residence-based system will be rolled out instead. What do we know so far?
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TAX CASES - 19.03.2024

Was ignorance of the law an excuse?

Case. Mr Harwood (H) has three children with his wife (W). In 2019 H was sent a “nudge” letter suggesting he may be liable to the high income child benefit charge (HICBC), as his income had increased. H stated that he had not received this letter. In 2021 HMRC undertook an in-depth review, finding that he was subject to the charge for three tax years. ...
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Tax - Income tax

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CONSTRUCTION INDUSTRY SCHEME - 24.01.2024

Construction industry scheme - what’s the latest?

In a move to prevent or at least reduce tax avoidance, changes to the construction industry scheme (CIS) rules takes effect from April 2024. As a contractor or subcontractor in the industry, what do you need to know?
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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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EXPENSES - 24.01.2024

Tax relief for home broadband?

You’ve agreed to reimburse part of an employee’s broadband bill for when they work from home. HMRC’s guidance says that although it’s a business expense you must deduct PAYE tax and NI from anything you pay. Why, and can it be avoided?
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