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Tax Tips and News

  • Latest news round-up

    Newsletter issue - August 2022 Making Tax Digital - it's getting nearer. In exactly two years' time the most fundamental change to the administration of the UK tax system for at least 20 years will have commenced. Making Tax Digital for income Tax (MTD for ITSA) will apply to all self employed businesses and landlords…Read More

  • Where does HMRC get its information from?

    Newsletter issue - August 2022 With tax revenues down and a significant budget deficit arising from the Covid-19 pandemic, it will not come as a surprise to learn that HMRC are looking to undertake more enquiries into taxpayer's affairs than ever before. For example, HMRC has a specialist 'Offshore Co-Ordination Unit' department staffed with analysts,…Read More

  • Are directors liable for their dissolved company's unpaid bills?

    Newsletter issue - August 2022 On 15 December 2021 the government passed an Act which at the time was effectively 'under the radar' for many company directors but could have far reaching implications should their company be dissolved with outstanding tax liabilities. The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 was enacted to…Read More

  • Reporting residential property gains - the timing is tight

    Newsletter issue - August 2022 A chargeable gain may arise on the sale, disposal or transfer of a residential property if that property has not been the seller's only or main home throughout the period of ownership. Here we are looking at investment property, such as a buy-to-let, a holiday let, or a second home.…Read More

  • August Questions and Answers

    Newsletter issue - August 2022 Q. I have prepared my 2022 tax return for submission but on reviewing previous returns I found that I made an error when completing the 2018/19 tax return, resulting in an overpayment of tax. Can I get my money back? A: The self-assessment rules limit the time you have to…Read More

  • August Key tax dates

    Newsletter issue - August 2022 1 - Individual taxpayers who have not paid their remaining tax liabilities for 2020/21 face a further 5% penalty, in addition to the 5% penalty suffered on amounts outstanding at 1 March 2022. Corporation tax payment 31 Oct 2021 year end 2 - Employers must submit Form P46 (Car) to…Read More

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