Tax if you divorce or separate
If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax consequences of the break-up are carefully considered. Whilst Income Tax does not automatically cause […]
Taxis: what is liable to VAT
HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 – How VAT applies to taxis and private hire cars – applies. Private hire cars include mini-cabs. The notice is relevant if you are: a driver who owns or rents a vehicle […]
Inheritance Tax Business Relief
There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who has died. One of these reliefs is known as Business Relief and is a valuable tax relief for taxpayers with business interests, offering either 50% or 100% relief from IHT on the value of the […]
Income excluded from a property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be taxed […]
Rent-a-room: letting as office accommodation
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. Homeowners using this scheme should ensure that rents received from lodgers during the tax year do not exceed £7,500. The tax exemption […]
Grappling with SEISS 5 and the new turnover test
With the fifth in the series just days away, the Self-Employed Income Support Scheme (SEISS) seems intent on overtaking the Fast and Furious film franchise (which currently stands at nine). This time around, the twists and turns come in the form of a new turnover test which determines how much the applicant is entitled to […]
Card security update
VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud. The changes will apply across Europe. A key part of the new security arrangements is the requirement for Strong Customer Authentication (SCA). This means you may be asked to provide additional information when making some […]
HMRC clarifies claim process for SDLT claims in freeport sites
HMRC has issued guidance on how to claim relief from stamp duty land tax (SDLT) in freeport tax sites once they are approved A freeport tax site is an area of land where businesses can claim certain tax reliefs. They are independent and separately authorised from freeport customs sites, but they can cover the same […]
Stage 4 COVID roadmap implemented 19th July
The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between coronavirus cases and hospitalisations and deaths. This has allowed the government to confirm that many COVID restrictions will be lifted in England on 19 July, known as Freedom Day. The main changes will see an […]
VAT – what you can and cannot reclaim
For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is personal or private use of goods or services bought for the business and can usually only reclaim the business proportion of the VAT. For example, VAT is recoverable on […]
