There are now less than 3-months to file your 2021-22 Self-Assessment tax return electronically. Last year over 12.5 million taxpayers were required to complete a Self-Assessment tax return but over 2.3 million taxpayers missed the 31 January filing
In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) if you inherit the estate of someone who had died. One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with
Stamp Duty is paid on shares bought on a stock transfer form. A stock transfer form is the standard form used for transfers of shares from one person to another. If you use a stock transfer to buy stocks and shares for £1,000 or less, you do not
Company directors or any other person who has been appointed to a position by a company or organisation but doesn’t have a contract or receive regular payment as office holders are neither employees nor workers. Company directors who also have an
Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help
Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for submission of Self-Assessment returns for the 2021-22 tax year. In fact, in the 12 months to August 2022, HMRC received more than 180,000 reports of
The Department for Business, Energy and Industrial Strategy has announced that the new UK subsidy regime will come fully into force from 4 January 2023 when the Subsidy Control Act 2022 takes effect. The new subsidy regime enables public authorities
A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by over 37,000 businesses to successfully register
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are grey areas which might result in CGT being due on
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