The tax treatment of businesses which involve the letting of property is not consistent across all taxes and tax reliefs. It’s not logical, but just because the letting business qualifies for one tax relief it will not necessarily qualify for an apparently similar tax relief. For example if you have a property letting enterprise which… Read more »
Posts By: ilyas Patel
RTI Growing Pains
The Taxman is also causing RTI pains for employers and employees by issuing duff data. Incorrect NI numbers When you submit a FPS or NI number verification request (NVR), the Taxman should reply with any missing or corrected NI numbers. However, in some cases the NI numbers the Taxman has returned to employers have no… Read more »
No RTI Reports Made?
Employers were told that they had to use real time information (RTI) to report PAYE deductions from the first pay day on or after 6 April 2013. But what if there has been no pay day since 6 April, because no one has been paid? In that case RTI does apply from 6 April 2013… Read more »
Inheritance Tax Loan Change
A change in the way loans are treated for inheritance tax (IHT) purposes could increase the taxable value of your estate on death, and the amount of IHT payable. This change will affect IHT calculated on deaths occurring after the Finance Act 2013 is passed, (expected mid-July 2013) but applies to loans which are already… Read more »
RTI – Payroll and Pensions
As the RTI forces companies to make more regular PAYE filings to the H M Revenue & Customs, which include changes to employee’s circumstances and now the new rulings for pensions, it has been reported that many firms are feeling the strain and are seeking help. Should you need any advice or assistance with your payroll and… Read more »
HMRC – Tax Write-Offs
HMRC are intended to scrap it’s long standing concession known as ESC A19 which allowed it to cancel tax bills that had risen because of error by it’s staff. This was to be replaced with a more modern, revamped version of the rules, but the draft version was met with complaints from tax experts saying… Read more »
HMRC – Property Sales Campaign
HMRC – Property Sales Campaign is for those people who have sold or disposed of a second or additional residential property either in the UK or abroad. These could include a holiday home or property that you have rented out. The campaign is an opportunity for you to bring your tax affairs up to date, so… Read more »
Holiday Homes – Tax Breaks for Company Owned
Fed up of our cold wet summers? A holiday home on the continent could be just the answer but sadly, holiday homes don’t come cheap to buy or run. Personal Tax Costs -v- Company Purchase Option Being able to afford the running costs is one thing, but then finding the capital to buy even a small property might… Read more »
DON’T RELY ON HMRC VAT ADVICE
If you are uncertain about whether you can make a claim for VAT you have incurred, or how to treat a certain transaction for VAT purposes, you could try searching the HMRC website for a solution to your query. Alternatively you may ring the HMRC VAT helpline but the adviser is likely to send you… Read more »
BEWARE PENSION LIBERATION
Have you been approached by firms that promise you instant cash from your pension fund? This known as pension liberation, and involves taking cash from your pension fund before you reach the retirement age set by your pension scheme. Unscrupulous firms persuade individuals to apply to move their pension funds out of their current scheme,… Read more »
