HMRC recently issued a warning over the latest tax refund scam to affect taxpayers. Fraudsters are currently using emails and SMS messages to target individuals by promising them a tax rebate and tricking them into disclosing their personal and banking details. However, HMRC has confirmed that it will only ever inform taxpayers of any tax … Continue reading Taxpayer Beware: HMRC Warns over Tax Refund Scams
Category: Tax
Following significant changes to the property tax regime, there are new rules which affect the cross-border purchase of property. In Scotland, Stamp Duty Land Tax (SDLT) was replaced by the Land and Buildings Transaction Tax (LBTT) for purchases made on or after 1 April 2015. In Wales, SDLT was replaced by the Land Transaction Tax … Continue reading Crossing Borders: New Rules for UK Property Transactions
The tax treatment of cars under the capital allowances system changed with effect from 1 April 2018. The new rules are likely to have a significant impact on many businesses. Here we consider the changes in more detail. ‘Capital allowances’ is the term used to describe the deduction we are able to claim on your … Continue reading New Rules on Capital Allowances and Cars
HMRC are hoping their new and innovative technology will help people renew their tax credits by 31 July. Customers with Amazon Alexa-enabled devices can ask to ‘open HMRC’ to obtain help and information, without worry of any personal information being stored. The service is developed specifically for those seeking help with tax credit renewals. It … Continue reading Tech Savvy Tax Credits Renewals
From April 2019, the Welsh Government will have partial control of income tax payable by Welsh taxpayers. The main responsibility for most aspects of income tax will remain with the UK Government, and will still be collected by HMRC for Welsh taxpayers. However, from April 2019, the UK Government will reduce the 3 rates of … Continue reading Welsh Rates of Income Tax – Coming Next Year
The Government has announced plans to reduce the company car tax rates on low emission vehicles from 6 April 2020. For cars with no CO2 emissions, the current percentage applied to the list price to determine the benefit in kind value, is 13%. This is set to increase to 16% in 2019/20 and then fall … Continue reading Tax Charge to Reduce on Hybrid Cars
For those businesses operating as a limited company, it is important to remember that as a director, you are a separate entity from the company. This is in contrast to a sole trader or partnership, where the proprietor or partner is, in fact, the business. This difference sets the context for paying or reimbursing motor … Continue reading Cars in the Business
Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride. HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax. Nobody appears to be beyond its remit, whether you’re the chief executive of … Continue reading HMRC Investigations – What to Expect When the Revenue Comes Knocking
The question of whether to run a business as a limited company is a major decision. Here we look at some of the key areas to consider. Tax implications Income tax vs corporation tax For limited companies, it is the company and not the director-shareholder that pays tax. The current rate for corporation tax is … Continue reading Running Your Business as a Company
Since their launch more than 20 years ago, Venture Capital Trusts (VCTs) have proved to be a popular investment option for many individuals, with the latest figures revealing that more than £7 billion of funds have now been raised through the scheme. VCTs are designed to encourage private individuals to invest in smaller high-risk unquoted … Continue reading On the Up: VCTs Still Proving Popular
