Tax repayment claims are usually made via the submission of a tax return. The time limit for amending a return (whether individual or company) is usually one year from the deadline for submitting the tax return. If that date has passed, a claim can only be made via an overpayment relief claim. Under this relief,
Overpayment Relief Claim – How Long Do you Have? Read More »
Post-pandemic, many businesses are finding that their trading circumstances have changed such that the non-standard VAT scheme under which the business is registered is no longer appropriate. The turnover may have increased so they are no longer eligible. VAT schemes are designed to simplify how some VAT-registered businesses calculate and account for VAT and are
When Should a Business Leave a VAT Scheme? Read More »
As far as National Insurance was concerned, the 2022/23 tax year was a tricky one featuring in-year changes to the primary threshold and in-year changes to the Class 1, 1A, 1B and 4 rates. This resulted in some strange numbers, with average rates applying for the purposes of Class 1A, Class 1B and Class 4
NIC Landscape for 2023/24 Read More »
Changes to the corporation tax regime come into effect from 1 April 2023 – the start of the financial year (FY) 2023. From that date there will no longer be a single rate of corporation tax; rather, the rate at which a company pays tax on its profits will depend on the level of those
New Corporation Tax Regime Read More »
In an alphabet share structure, each shareholder has a different class of share. For example, one shareholder may have A ordinary shares, another B ordinary shares, another C ordinary shares, and so on. The benefit of an alphabet share structure is that it provides the flexibility to tailor dividends to take account of the shareholder’s
Is An Alphabet Share Structure Still Worthwhile? Read More »
The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National Insurance liability. The employment allowance is set at £5,000 for 2023/24, capped at the employer’s secondary Class 1 National Insurance for the year where this is less. It is not given automatically and must be
Claim The Employment Allowance For 2023/24 Read More »
If you have paid too much tax, you will be able to get a refund from HMRC. The mechanics for obtaining your refund depending on how the overpayment arose. Claims must be made within four years from the end of the tax year to which the refund relates. Self-Assessment Overpayment If you pay tax
How To Claim A Tax Refund Read More »
Property is generally a good investment, and where an investment property or second home has been held for many years, it may be worth considerably more than you paid for it. It may be tempting to sell the property to release the equity, perhaps to fund retirement or to help your children get on the
Can you Afford to Sell an Investment Property? Read More »
Furnished holiday lettings have tax benefits that are not available to landlords of residential lets. However, to qualify as a holiday let, certain conditions must be met. The Three Tests There are three tests to pass for the let to be treated as a furnished holiday let for tax purposes. These are: the pattern
The Dangers of Letting Friends Use the Holiday Let Read More »
Under the original plans, landlords with rental income (or combined rental and business income) of more than £10,000 would have needed to comply with Making Tax Digital for Income Tax (MTD for ITSA) from 6 April 2024. However, the start date has now been delayed, and its introduction is to be phased in. Phased
MTD and Landlords – the New Timetable Read More »
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