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Sidestep an income tax charge on incorporation Publication date: 09.01.2017
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When you transfer your unincorporated business to a company, it will often trigger a balancing charge - leading to unwanted income tax. How can you use an election to avoid this, and how does our new document help you do it?
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Another way to preserve FHL status Publication date: 09.01.2017
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If you rent out a property on short-term lets, chances are that it qualifies as a furnished holiday let, which attracts certain tax breaks. If, however, you don’t meet the conditions for one year, all is not lost. How can our new document help preserve the status?
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Unexpected income tax bill Publication date: 09.01.2017
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Unexpected income tax bill..Q. In March 2015 I transferred my business to a limited company. On my tax return I noted the date of cessation and the new director position. HMRC wrote to me asking some questions about the incorporation, which I promptly answered. I then received a tax bill for assets I’ve “sold” to the company. Can this be right,...
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How to mitigate the risk of an enquiry Publication date: 09.01.2017
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Before filing a tax return it’s a good idea to carry out last-minute health checks to reduce the chance of being selected for an enquiry, especially if you are self-employed. How can you check that your answers won’t raise suspicion?
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When does SDLT apply to leases? Publication date: 09.01.2017
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Most people are aware that stamp duty land tax (SDLT) applies when you buy residential property. It is less commonly known, however, that it can also apply to the sale of a lease. How can you work out what will be payable in advance?
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When you don’t want tax relief Publication date: 09.01.2017
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After a business has been trading for a while it often makes sense to transfer it to a limited company. An automatic relief prevents any charge to tax but when might this not be desirable, and how does our new document help?
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How much could you get under the new rules? Publication date: 09.01.2017
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Universal credit is a largely new, difficult to understand benefit. There are several elements to it and numerous factors which affect the amount that you can claim. How can our new calculator give an indication of what you could be entitled to?
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Will I have to pay tax on rent paid? Publication date: 09.01.2017
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Will I have to pay tax on rent paid?..Q. We are due to purchase a leasehold interest (a 20-year lease) in a very large new commercial premises. We will pay a seven-figure premium upfront with another amount payable as an annual rent. I’ve read that in these circumstances we have to pay stamp duty land tax (SDLT) on the first five years’ rent, so...
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New code of practice on overpayments published Publication date: 23.10.2015
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HMRC has published a new version of COP26, which gives advice on how to deal with matters when tax credits have been overpaid to your clients. What are the key points?
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Past behaviour irrelevant for special relief Publication date: 23.10.2015
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Past behaviour irrelevant for special relief..Determinations. In J Scott v HMRC [2015] TC04597 (see Follow up ), Scott (S) had failed to file tax returns for two tax years. Accordingly HMRC raised determinations for the missing years. Excessive? S filed the missing returns in 2012, with the actual tax considerably lower than the determinations raised....
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