Article Database - Tips & Advice Tax: Year 20, issue 19

 
Is there trouble ahead for pension savers? Publication date: 22.06.2020
Article database » Pensions » Allowances
The Upper Tribunal recently ruled for HMRC in a case involving a certain type of pension contribution. There’s now concern that it will claw back tax relief from others in the same situation. Is this something you should be worried about?
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Selling your company - break it up to save tax Publication date: 22.06.2020
Article database » Companies » Selling a company
You’ve found a buyer for your business. They don’t want to buy the company itself, only its assets. You’ve been told that this can increase the tax you’ll have to pay on the sale. How can you make the arrangement more tax efficient?
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VAT construction industry scheme delayed again Publication date: 22.06.2020
Article database » VAT » Construction
VAT construction industry scheme delayed again..Double delay. The introduction of the VAT reverse charge for the construction industry, already put back by one year to 1 October 2020, has been further delayed until 1 March 2021 because of the coronavirus crisis. The construction industry, like many others, has been badly affected...
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More time to claim SDLT refunds Publication date: 22.06.2020
Article database » Stamp Duty » Stamp duty land tax
More time to claim SDLT refunds..Additional SDLT. The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of second or subsequent dwellings, e.g. a second home. It applies even where the second property is the buyer’s new home and they intend to sell the other property. There are similar charges for the equivalent taxes in Scotland...
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When should you deduct bad debts? Publication date: 22.06.2020
Article database » Accounts » Bad debts
Your firm’s financial year ends soon and while the accounts will show a profit you’re expecting them to include significant bad debts. How long will you have to wait to claim a tax deduction for these?
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Using CGT losses efficiently Publication date: 22.06.2020
Article database » Capital gains tax » Exemption
Our subscriber made capital gains from the sale of two assets and losses from the sale of another. The gains are taxable at different tax rates. Can they use the losses to reduce the higher rate tax or how should they be allocated?
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HMRC to collect some tax debts sooner Publication date: 22.06.2020
Article database » HMRC » Payments
Although HMRC is taking steps to help those who can’t afford to pay their bills, it’s changed its system to collect some tax sooner. What’s the full story?
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How to make a successful late VAT claim Publication date: 22.06.2020
Article database » VAT » Errors
Your bookkeeper has found a batch of purchase invoices on which VAT hasn’t been reclaimed. They date back a few years and you think that it may be too late to reclaim the VAT. What is and isn’t allowed?
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Who’s entitled to tax-free mileage allowances? Publication date: 22.06.2020
Article database » Cars » Allowances
The lease on your company car has ended but you’re delaying a new contract until your business recovers from the lockdown. Meanwhile you’re borrowing your other half’s car when you need to travel for work. Can you claim a tax deduction for this?
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Last updated: 10.08.2020
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