TAX
Correcting Mistakes in Tax Returns
Mistakes happen, but when it comes to tax returns, errors must be corrected as soon as possible. If incorrect information comes to light after submission, the taxpayer is...
A level playing field for all the home nations?
This is no longer the case in the world of tax and the way that the surcharge on stamp duty land tax (SDLT - England, Wales or Northern Ireland) or the land and buildings...
Farmers’ averaging rules – changes for 2016/17 onwards
Farming profits can fluctuate significantly due to factors like weather, market conditions, and supply chain issues. To ease tax burdens, HMRC allows farmers to average their...
Borrowing money tax free from your limited company
Remember that if you borrow up to £10,000 there is no benefit in kind. However the company has to pay 32.5% of the value of the loan to HMRC if the loan is still outstanding...
Tax credits – renewal deadline looming!
Why the Tax Credits Renewal Deadline Matters Tax credits help many households manage their finances. However, failing to renew on time can result in lost entitlements. The tax...
Employing your children?
Employing your children can provide tax benefits while giving them valuable work experience. If structured correctly, it is a legitimate and tax-efficient business expense. To...
Buy to let – personal or company ownership
There is no simple answer to which is the best option, following the significant changes made to how the income is taxed when property is not held through a company. Three...
Stamp duty and second homes – relief extended
Understanding Stamp Duty on Second Homes Since 1 April 2016, buyers of second homes must pay an extra 3% Stamp Duty Land Tax (SDLT) surcharge. This applies even if the second...
Changing lanes to get the answer they want
The Court of Appeal decided that cars leased by an employer to its employees on arm’s length terms did not constitute a taxable benefit in kind. HMRC had argued that the...
Stamp duty land tax on annexes
When purchasing an additional property, buyers must pay a 3% Stamp Duty Land Tax (SDLT) surcharge. This applies to second homes and buy-to-let properties. However, concerns...
Inheritance tax – nil band
The inheritance tax nil band is the threshold up to which an estate pays no inheritance tax (IHT). Currently, this stands at £325,000 per individual, regardless of domicile or...
Section 336 expense claims
One of the section numbers in the Taxes Acts that gets quoted more often than most! These are the responsibility of the employee, but those that are attached to the original...