Owning more than one limited company can have Corporation Tax consequences that are easy to miss. The associated company rules can reduce the profit thresholds at which Corporation Tax increases and may also bring quarterly instalment payments into play much earlier than expected. For family businesses, this is particularly important. Companies owned by different relatives… Read more »
Selling through Deliveroo, Just Eat, Uber Eats and Amazon can make reaching customers easier, but the VAT position behind those sales is not always as straightforward as the money arriving in your bank account. Platform commissions, refunds, discounts, delivery charges and timing differences can all affect the figures. HMRC may identify a discrepancy, but that… Read more »
We have covered the dispute between Property118, Cotswold Barristers and HMRC throughout. The latest decision is an important victory for the promoters, but it does not settle whether the underlying tax planning works. The First-tier Tribunal has cancelled the Scheme Reference Numbers issued by HMRC. Landlords should still be clear about what was decided, what… Read more »
An Inheritance Tax bill can place an historic house, important landscape or valuable collection at risk of being sold or broken up. Conditional Exemption offers an alternative for certain nationally important assets. It can allow qualifying property to pass on death or by lifetime transfer without an immediate Inheritance Tax charge, provided strict conditions are… Read more »
Setting up a holding company in Dubai can sound like an easy way to reduce UK tax. However, incorporating a business overseas does not automatically move its income outside the UK tax system. Where the owners, directors and decision makers remain in the UK, an offshore company may offer little or no tax advantage. The… Read more »
Many property investors and homeowners assume that building work is automatically subject to VAT at 20%, but this is not always the case. Certain conversions, renovations and disability adaptations may qualify for VAT at 5% or even 0%, meaning that an incorrect invoice could cost thousands of pounds more than necessary. Understanding the correct VAT… Read more »
HMRC is consulting on a proposal that could change how many businesses pay their VAT and PAYE. The idea is to make Direct Debit the required payment method for most VAT registered businesses and employers. HMRC says this could reduce late payment, avoid incorrect payment references and make the system easier to manage. However, for… Read more »
When markets move, the tax position can matter just as much as the profit. A gain that looks attractive can feel very different once Capital Gains Tax has taken a bite out of it. There are, however, certain assets where the CGT position can be surprisingly favourable. The key is knowing where HMRC draws the… Read more »
HMRC’s new CIS fraud powers should be a serious concern for contractors, subcontractors and anyone operating in the construction supply chain. Following April 2026, the risk is no longer limited to your own tax compliance. If you deal with a subcontractor or labour provider involved in deliberate tax non-compliance, HMRC may look closely at whether… Read more »
HMRC enquiries do not always begin with a formal investigation. In many cases, the first contact is a nudge letter based on data already held by HMRC. These letters should not be dismissed as routine correspondence. Where HMRC writes to a taxpayer suggesting that income, gains or VAT may have been omitted, it is usually… Read more »
