UHY Ross Brooke Chartered Accountants
Our client purchased a property and incurred the full SDLT (Stamp Duty Land Tax) on the value. The property was derelict however, and our Tax Director, Phil Kinzett-Evans advised a claim on the basis it was not a ‘dwelling’ as it was not capable of being occupied as such. This
Once all the food has been eaten, and it’s too cold to go outside, take the opportunity to put your affairs in order. You may already keep a list of all your assets, accounts, liabilities, insurances and so on, but you probably haven’t shared it with the people who will need to know that one day. Even if you have this list, do you update it regularly enough?
New employees can use the secure HMRC app to find out their personal tax information and pass details on to their employer – saving them time. As tens of thousands of people start seasonal jobs over the next few weeks, they can use the HM Revenue and Customs (HMRC) app
How HMRC assesses profits for sole traders and partnerships who use an accounting date between 6 April and 30 March will change from 6 April 2023. This change will not affect companies. Your accounting date is the last day of the period that you prepare your accounts for. You choose
These may seem odd bedfellows but there is much that can be done to significantly reduce the tax burden, both now and in the future. Obtaining probate can be a mechanical exercise to obtain control over the deceased’s estate but opportunities exist that are often lost. By Michael Brooke Nil
by Rebecca Horne-Smith While Inheritance Tax is an inescapable and unwelcome burden on an increasing number of estates, if your estate includes a farm, there are some very helpful reliefs to be had. There are however significant hurdles to ensure that these can be claimed, and the correct decisions early
The average inheritance tax bill has increased by £57,000 in the last 3 years, with the average bill now costing estates around £266,000. Already over £3.5bn has been received by HMRC in the first 6 months of 2022*. Rising house prices and the allowance freeze means that ever-increasing numbers of
STOP PRESS (Jan 2023): Making Tax Digital for income tax self-assessment (MTD ITSA) has been delayed again – the new timescales are here. The benefits to going digital though, remain. By Sarah Hardy The phased introduction to the service is still on track, beginning with businesses, self-employed individuals, and landlords
HMRC is urging their Self Assessment customers to be vigilant of fraudsters and scams asking for personal information or bank details. Self Assessment customers, who are starting to think about their annual tax returns for the 2021 to 2022 tax year, should guard against being targeted by fraudsters, warns HMRC.
“Umbrella” companies are often set up by employment agencies to supply workers to end user clients. Many of these are compliant with the tax rules, but some use contrived arrangements that claim to allow agency workers and contractors to pay less tax on their earnings. HMRC have successfully challenged many