There has been a significant alteration in divorce laws for England and Wales, with a ‘no fault’ divorce now permitting estranged couples to end their marriage without having to blame each other. But what are the tax implications of this change? Under the new law a simple statement is now sufficient, detailing that the marriage […]
£17m was collected by HMRC from buy-to-let landlords in the last year, with the Treasury clamping down on the large amount of unpaid tax in the sector. Thousands of landlords are being contacted by HMRC through its Let Property Campaign – an opportunity for landlords who owe tax through letting out residential property, in the […]
Chancellor Rishi Sunak has delivered his Spring Statement against a backdrop of rising fuel, energy and food costs. We’ve summarised the headline announcements below: Other notable points included the Chancellor’s intent to explore ideas around education and training, increasing capital investment and boosting innovation, as well as there being no delay in the NI increase […]
During the 2020-21 financial year, 47% of investigations by the Treasury resulted in no money being retrieved, rising from 31% the previous year. HMRC investigations resulting in no additional tax can cause taxpayers a large amount of unnecessary stress, in addition to the time and money spent by those under investigation to fully cooperate with […]
We’ve previously discussed the tax perks for electric vehicles (EVs) more generally here, but what about installing EV charging points at your business premises? Installation costs Your business could claim 100% of the installation costs of an EV charging point. Qualifying expenditure can include the charging point itself and alteration of land for installing the […]
Owners of second homes incorrectly claiming their properties are holiday lets to qualify for tax breaks will be forced to pay council tax rather than business rates under new measures from 1 April 2023. To qualify as a holiday let from April 2023, a second homeowner will have to prove that it is rented out […]
Looking to invest in your business in 2022? Considerable tax savings can be obtained for commercial property expenditure by maximising capital allowances claims. Can I claim? All companies and individuals, irrespective of whether they are a UK resident or not, can make cash tax savings. As long as you pay UK income tax or corporate […]
It is important to remember that COVID-19 support grants or payments are taxable and should be declared on your company tax returns. The deadline for filing company tax returns (CT600) is 12 months after the end of the accounting period it covers. The deadline to pay Corporation Tax will depend on any taxable profits and […]
From April 2022, all VAT-registered businesses, including those with a turnover below the VAT threshold, will be required to keep VAT records digitally and send returns using Making Tax Digital (MTD) compatible software. Currently, and since its inception in April 2019, MTD requirements are only for VAT-registered businesses with VAT-able sales exceeding £85,000. However from […]
A new tax year approaches and with it new tax changes for employers to be aware of. We summarise the most important changes that take effect from April 2022 below. Health and Social Care Levy From 6 April 2022, there will be a temporary 1.25 percentage point increase in Class 1 (employee) and Class 4 […]
