IHT gifts with reservation of title
The majority of gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or
Private Residence Relief garden and grounds
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
New VAT Registration process for agents
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
Half-term help with childcare costs
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for October half-term holiday clubs and wraparound care during the school terms.
The TFC scheme can help
Flexible subsidies for businesses from 2023
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
SA taxpayers target for fraudsters
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,
Unlawful estate agency businesses
The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and
Utilising CGT losses prior to death of taxpayer
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place then the loss should be
VAT Flat Rate scheme
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
Deadlines 2021-22 Self-Assessment tax return
The 2021-22 tax return deadline for taxpayers who continue to submit paper Self-Assessment returns is 31 October 2022. Late submission of a Self-Assessment return will become liable to a £100 late
