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How do changes in the Entrepreneurs relief conditions following the budget affect me and when do they come into force?

The first key change was the definition of a personal company for Entrepreneurs’ Relief. Previously, a personal company was defined as one in which the shareholder: is an office holder, director or employee of the company or group company; and holds at least 5% of the ordinary share capital and of the voting rights of[…] Read more »

Estate of a deceased person

I need to register an Estate of a deceased person with HMRC but cannot find any relevant online forms. How do I register? The law has not changed but unfortunately, HMRC has continually changed its administration procedures regarding estates. The law (Section 7 Taxes Management Act 1970) requires the personal representatives to notify liability within[…] Read more »

Residential Property Letting – Finance Cost Restriction

My client is a basic rate taxpayer with a small profit on their rental property. They also have employment income that is covered by their personal allowance, in addition, dividends have been voted from their limited company to utilise their basic rate band. On completing their self-assessment tax return for the year ended 5 April[…] Read more »

Tax deductions for subcontractors operating within the construction industry scheme (CIS)

Q. I am a builder. I have recently started operating the construction industry scheme (CIS) although it is still quite new to me. I have recently taken on two labourers, both of whom are registered with HMRC as subcontractors. One of the subcontractors worked for me 3 months ago, the other has never worked for[…] Read more »

DON’T FORGET THERE MAY BE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019.[…] Read more »

CHECK YOUR NATIONAL INSURANCE CONTRIBUTION HISTORY

In order to maximise entitlement to full State Benefits a full contribution record is required.  For example full State Pension entitlement requires 35 years contributions. It is possible to check your National Insurance record online to see: what you’ve paid, up to the start of the current tax year (6 April 2018) any National Insurance[…] Read more »

Recharged expenses, disbursements, and VAT thereon

Q. My client is an IT consultant, operating through a VAT registered UK company. He is supplying consultancy services to another UK IT business. He has incurred hotel, travel and meal expenses, and is charging these on to the company he is supplying. Can he treat these as disbursements, and therefore not charge any VAT[…] Read more »

Class 2 was about to be abolished but this has now changed

Class 2 national insurance contributions are payable by the self-employed. Contributions are payable at a flat weekly rate and entitle the contributor to short-term contributions based employment and support allowance, maternity allowance, widowed parent’s allowance, state pension, and bereavement benefits. The current weekly for 2018/19 is £2.95 and is based on whether profits are at[…] Read more »

Carelessness and tax avoidance: the new rules

If HMRC find that your tax return understates your tax liability, you can expect them to raise the question of penalties:  but only if the inaccuracy was either deliberate or due to your carelessness.  To put it another way, if you take “reasonable care” to get your tax right, you cannot become liable to pay[…] Read more »

Tax Question – Non Resident Capital Gains Tax

My client is a non-UK resident, having left the UK in April 2016. His main home which he purchased in July 2014 has been let out since he left. He is now planning to sell the property and is wondering whether he is liable to capital gains tax in the UK and whether there are any[…] Read more »


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