A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we look at the penalty regime for late returns. Late VAT Returns The late submission penalty regime kicks in whenever a VAT return is filed late. It applies regardless of
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Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the rules surrounding dividends are strict and failure to comply may mean that HMRC will tax payments purporting to be dividends as employment income rather than as dividends. This will mean
Have You Declared Your Dividends Correctly? Read More »
Employees often need to incur expenses when undertaking their jobs. The nature of the expense may vary depending on the job, but typical expenses include travel and subsistence expenses and fees and subscriptions. It will often be the case that the employee initially incurs the expense and then reclaims the cost from their employer via
Utilise The Deduction For Paid and Reimbursed Expenses Read More »
The difficulty in dealing with partnership taxation is that there are no separate rules and those present are not located in one place. What rules there are have not been updated for over 40 years, making it difficult to get an overview of the tax position. Partnerships are governed by the Partnership Act 1890, which
Tax Consequences of Dissolving a Partnership Read More »
Cryptocurrency is a complicated concept and the following text gives HMRC’s view on the basic rules. Modern cryptocurrencies were first described in 1998 but the concept fully emerged in 2008 with the release of a white paper explaining their foundations. The first cryptocurrency was Bitcoin but since 2008 the market has expanded to include other
The Taxation of Cryptocurrency Read More »
Most taxpayers know that they must adhere to a rigid timetable for the submission of tax returns and claims, otherwise either penalties are levied or the claim is refused. Taxpayers are also restricted as to the number of years they may go back to seek relief from an overpayment after making an error or mistake
Enquiry or Discovery – What is the Difference? Read More »
A self-invested personal pension (SIPP) can be an attractive option for saving for retirement and is one that is popular with company directors. Under a SIPP, you can choose and manage your investments yourself, or you appoint a financial adviser to manage a SIPP on your behalf. The range of investments that can be held
Rebuild Your Pension Pot with Rental Income Read More »
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also use simplified expenses to disallow the private element if you live in your business premises, as may be the case if you run a B&B. You can only use simplified
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Landlords who have benefited from rising property prices in recent years may wish to consider releasing equity now in case prices drop. This may be to free up a deposit to expand the portfolio to take advantage of lower prices, to help children get on the property ladder or simply to release some cash to
Releasing Equity from a Buy-to-Let: Watchpoints Read More »
Changing personal circumstances may mean that individuals who were previously taxpayers find that they are now non-taxpayers. If they are in the habit of making charitable donations under gift aid, they need to tread carefully to avoid an unwanted bill from HMRC. Nature of Gift Aid Donations made by individuals to charities or to
Beware of Gift Aid Clawback Read More »
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