Recent statistics published by HM Revenue & Customs (HMRC) show that the number of employee share schemes hit a record high in the UK in 2016-17. Andrew Wilson, Partner said: ‘Employee share schemes allow employers to grant share options to key employee’s tax efficiently, as a reward for their efforts within the business and/or to […]
Millions of married couples and civil partners in the UK are eligible for the marriage allowance, but take-up has remained subdued since the tax break came into force on 6 April 2015. Make a claim now for 2018/19, and also backdate if eligible. Please click here to read our article. .
The government is giving consideration to the introduction of tax incentives for landlords who offer longer tenancies as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is seen as a way of supporting the increasing number of private tenants […]
HM Revenue & Customs (HMRC) wasted no time in notifying its intention to raise the rates of late payment interest, following the announcement of the rise in the Bank of England base rate to 0.75% last week. HMRC has not yet published details of the increase, but has confirmed that the change will come into effect […]
HMRC has rolled out its tough new strategy on offshore tax compliance. The ‘requirement to correct’ (RTC) imposes a legal requirement on taxpayers to disclose previously undeclared offshore matters; the deadline is 30 September 2018. HMRC’s Wealth units are writing letters to all taxpayers within their units to advise them of this new requirement, with […]
When furnished holiday property is let on a commercial basis for short periods, the owner can benefit from tax reliefs which wouldn’t otherwise be available to residential landlords, providing certain conditions are met. To find out more please click here to read our article.
According to a recent survey by Canada Life, over two thirds of those whose estates may be liable for inheritance tax (IHT) are unaware of the threshold for the standard nil rate band of £325,000. More than half of those recently surveyed did not know that all of the following are liable for IHT as […]
In the case of Executors of Joyce Graham (deceased) vs. HMRC, the First-tier tax tribunal (FTT) has ruled that a holiday letting business qualified for business property relief (BPR) for inheritance tax purposes. In recent years HMRC have successfully challenged a number of BPR claims made for holiday let businesses on the basis that the […]
Owners of second homes and buy-to-let landlords are likely to have a shorter period to pay any capital gains tax (CGT) which arises on disposals, under planned changes from 2020. HMRC are considering responses to a consultation on introducing the new payment window. The planned new rules will not affect disposals where full private residence […]
Research & Development (R&D) tax claims are becoming more and more common – HMRC’s own statistics, as well as general noise in the market place, both suggest the same. Yet, we are still seeing a large number of qualifying businesses that don’t make the most of these hugely valuable claims, for two consistent reasons: 1) The […]
