Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do
Correcting errors in VAT returns
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Non-resident UK property sales
There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold
Multiple Dwellings Relief for SDLT
It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially
New Brooms
As time passes during the present election campaign, its seems more likely that we may have a change of government from the 5 July.
Labour have disclosed a number of tax changes they would introduce.
Falling inflation – what does it mean for you?
The following notes are reproduced from a Treasury statement issued 21 May 2024.
Lower inflation supports people by maintaining the purchasing power of their money.
If prices only rise slowly,
Tax Diary July/August 2024
1 July 2024 – Due date for corporation tax due for the year ended 30 September 2023.
6 July 2024 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A
Transferring unused IHT residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Directors and National Insurance
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax
Setting up as a sole trader
Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your
Statutory Pay assistance
An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business
Filing your tax return early
The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or
Need to register for self-assessment?
There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at
New protection for consumers
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent.
The Act paves the way to give consumers rights across the UK, with greater control and clarity over
Change
There is a French saying “Plus ca change, plus c’est la meme chose” meaning, the more things change, the more they stay the same.
Its interesting to apply this to a change that is about
Carry back charitable donations
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or
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