Author: Admin

Starting from 1 January 2022, updated regulations for estates as recommended by the Office of Tax Simplification have come into effect and are applicable to death occurred from this date onwards. What are the updates? The updated regulations aim to simplify the reporting requirements for inheritance tax and as a result saving HMRC’s administrative burden when handling these cases. For… Read More

Homeowners who own second homes and falsely claim properties are holiday lettings will be forced to pay more tax under new government proposals. Under the new rules, holiday lettings will have to be rented out for at least 70 days per year to qualify for business rates. Properties will also have to be available to be rented out for 140… Read More

A major announcement on 6th January made by Jim Harra, HMRC’S Chief Executive and First Permanent Secretary comes as a relief for most taxpayers. It was announced that due to the adverse developments of the COVID pandemic sweeping through the country and the impact that it has had on taxpayers and agents, the charges associated with not filing Self-Assessments by… Read More

Profits that are kept within a companies’ accounts are taxable under corporation tax. This is a tax that is chargeable upon a company as a way for them to pay their dues to HMRC. As a way to avoid high tax charges on profits, a company may choose to extract profits to reduce impact. It’s quite possible that this way… Read More

Many of our clients invest jointly in buy to let properties to generate rental income.  Sometimes it makes sense to be allocate more of the rental income to the other half because they are non-tax payers or are paying tax at the lower rates.   However, this is not how the rules work. Under the legislation, if income arises from property… Read More

With the growing numbers of international tax issues, each ranging in complexity, it is necessary to understand key agreements in place between nations in order to manage a client’s tax issues in both the UK and abroad.  Double Tax Treaties are a key treaty that can exist between two countries. The aim of the treaty is to agree on the… Read More

The Health and Social Care levy to help aid the health and social care has been announced by the Government and will come into action from 6th April 2023. This article summarises the key features of the new levy and what employers need to consider as they prepare for it introduction. What are the current proposals? From 6 April 2022,… Read More

Over the last few years a new form of currency has taken the modern world by storm. You may have heard of Cryptocurrency, and in particular terms such as ‘Bitcoin’. Cryptocurrency is a digital or virtual currency that is secured by cryptography which makes it nearly impossible to counterfeit or copy. This currency is openly traded on the Crypto market,… Read More

A demerger is the process in which a function of a company is detached from the primary body, thus creating two or more entities with different functions. However, it is often the case that both the original company and the newly created entity are under the same group. A business may choose to conduct a demerger for a variety of… Read More