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
Business gifts
The rules for deciding whether a gift given in the course of business is deductible are complex. The rules for business gifts generally follow those for business entertaining expenditure. This means
Dividend tax increase announced
The 1,25% increase in NIC contributions from April 2022 will be mirrored by a similar increase in the tax charge on dividends. From April 2022, the dividend tax increases will apply as
Post cessation receipts and payments
There are special rules for the taxation of post-cessation receipts and expenses after a trade has ceased. These provisions also apply to professions and vocations as they apply to trades.
Tax relief
Apportionment and duality
When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under
Cash basis for landlords
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and
Expenditure disallowed
When deciding whether an expense is allowed or disallowed for tax purposes it is important to bear in mind that the expenditure must be incurred wholly and exclusively for the purposes of your trade
Employer issues with auto-enrolment
Employer issues with automatic enrolment Policy success, but headache for employers? Back in 2012, less than half of private-sector employees in the UK had a pension scheme. Today, that figure is 85% and this huge increase is due to the successful rollout of auto-enrolment. It started with the largest companies and now applies to employers […]
HMRC’s approach to taxing cryptocurrencies
Cryptoassets: The revenue’s tax stance HMRC updates tax guidance for digital currencies. Since the launch of Bitcoin in 2009, cryptocurrencies have grown steadily into the public consciousness, and the taxman’s too. Once the realm of geeks and hackers, cryptocurrencies are becoming more mainstream. In late 2017, the price of a single Bitcoin surged to about […]
Insider February 2020
Thousands file tax returns through self-assessment over Christmas Thousands of taxpayers used the Christmas break to file tax returns for 2018/19 through self-assessment. Statistics from HMRC showed that 34,292 taxpayers submitted tax returns between Christmas Eve and Boxing Day. Precisely 22,035 taxpayers filed on 24 December 2019, followed by 3,003 on Christmas Day and 9,254 […]
