There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. It is important to note that not all decisions by HMRC can be appealed against. There is normally a
How to deal with tax appeals
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Tax treatment of incentive award schemes
Companies use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in various forms including cash,
Income excluded from UK property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in
Scope and legal basis of VAT
The scope and legal basis of how VAT is charged on taxable supplies is defined as follows in the VAT Act 1994:
VAT shall be charged on any supply of goods or services made in the United Kingdom,
Need a National Insurance number?
You can apply for a National Insurance number if you live in the UK and have the right to work in the UK. You must also be looking for work or have an offer to start work in the UK. If you have
Tax Diary September/October 2021
1 September 2021 – Due date for Corporation Tax due for the year ended 30 November 2020.
19 September 2021 – PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax
Covering pension contributions with unused allowances
The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. This means that if your income is in excess of £240,000 you will
Recovering VAT on car purchases
There are complex VAT rules that determine how you can recover VAT on car purchases. The usual fallback rule is that if you purchase a car for your business then no VAT can be reclaimed.
The main
VAT capital goods scheme overview
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution
Corporation Tax loss buying
Under qualifying circumstances, Corporation Tax (CT) relief is available where a company makes a trading loss. The trading loss can be used to claim CT relief by offsetting the loss against other
Rental business – post cessation transactions
There are special rules for the taxation of post-cessation transactions after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation
Reporting travel and subsistence benefits
There is no requirement to report certain routine expenses to HMRC. The types of expenses and benefits covered are referred to as exemptions and have replaced dispensations which can no longer be
Construction services and reverse charge
New VAT rules for building contractors and sub-contractors came into effect on 1 March 2021. The new rules make the supply of most construction services between construction or building businesses
Post cessation receipts and payments
There are special rules for the taxation of post-cessation receipts and expenses after a trade has ceased. These provisions also apply to professions and vocations as they apply to trades.
Tax relief
Bona Vacantia – dissolved companies
The final step in bringing a company to a legal end is when the company is dissolved. However, one of the important points to be aware of when doing so is that the dissolved company can no longer do
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