VAT before and after Brexit

August 29th, 2018

Businesses that buy goods from the EU or export goods to the EU would be advised to read the recent guidance from HMRC that is published under the title: "VAT for businesses if there is no Brexit deal" The stated purpose of the document is reproduced below. The full text can be read online at  […]

Where there is a Will…

August 28th, 2018

None of us relish the thought of our own demise which probably explains why approximately 70% of us have not made a Will. With no direction, who will inherit your worldly goods if you die without making a Will? The legal jargon is dying 'intestate'. Consider Louis, 75 years old and deeply into avoidance when it […]

What has hope got to do with it?

August 22nd, 2018

In a recent tax case, Pallister v Revenue & Customs, Pallister’s son (PJ) was left a share in his deceased parent’s investment property in June 2012. A local surveyor valued the property at £1.2m and this was the figure used to determine the deceased parent’s inheritance tax bill.   Subsequently, the property was sold in […]

Boosting recycling through the tax system

August 20th, 2018

The government has announced that it has received record-breaking support from members of the public to counter the blight of plastic waste. Here’s what they said: Individuals, businesses and campaign groups have expressed overwhelming support for action on tackling the impact of plastics on our environment. The backing comes as HM Treasury publishes the summary […]

New ideas from government think tank

August 15th, 2018

At the beginning of August, the Office for Tax Simplification (OTS) – a government department charged with coming up with new ideas to simplify our tax system – issued a number of reports and recommendations. They include a number of interesting topics and we have shared the conclusions below: Changes to capital allowances At present, […]

Tax Diary August/September 2018

August 13th, 2018

1 August 2018 – Due date for Corporation Tax due for the year ended 31 October 2017. 19 August 2018 – PAYE and NIC deductions due for month ended 5 August 2018. (If you pay your tax electronically the due date is 22 August 2018) 19 August 2018 – Filing deadline for the CIS300 monthly […]

Ask the government to sell property

August 13th, 2018

UK residents can ask for publicly owned land and buildings to be sold if they think that the property is vacant or underused. You will need to track down the owner of the land and ask for the property to be sold. Your application will not entitle you to purchase the land, the owners may […]

When is Capital Gains Tax payable

August 13th, 2018

Notwithstanding any of the comments that follow, an individual is allowed to make tax-free capital gains of £11,700 during 2018-19. There are also a number of circumstances when a disposal does not create a taxable gain. These include: The sale of personal assets worth less than £6,000. Gifts to your spouse or civil partner. Gifts […]

Changes to rent a room relief

August 13th, 2018

A new test is to be added to the qualifying criteria for rent-a-room relief from April 2019. The test will require that the individual or individuals in receipt of income – the home owner(s) – will need to share occupancy of the residence in question with the individual whose occupation of the furnished accommodation is […]

Points based penalties

August 13th, 2018

In the recently published draft clauses that will form the basis of the Budget later this year, HMRC has outlined a significant change to the way they will be levying penalties for late filing breaches under the Making Tax Digital regulations. Rather than base penalties on each transgression, taxpayers will receive a penalty point per […]

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