Article Database - Tips & Advice Tax: Year 21, issue 04

HMRC fishing for tax on property sales Publication date: 18.11.2020
Article database » Capital gains tax » Private residence relief
Thousands of taxpayers who sold property in 2018/19 will receive letters from HMRC suggesting they may owe tax. If you get one, how should you respond?
Are you liable to a penalty for making a mistake? Publication date: 18.11.2020
Article database » Penalties » Careless or deliberate
The First-tier Tribunal (FTT) recently ruled on a case involving disputed business expenses. Its decision not only addressed the extent to which the expenses were tax deductible but also HMRC’s right to charge a penalty. What’s the full story?
Pension savings - avoiding the anti-avoidance rules Publication date: 18.11.2020
Article database » Pensions » Annual allowance charge
Your 55th birthday isn’t far off and you want to draw some of your pension savings. Your advisor has told you that doing so will severely limit the tax relief you can claim on future pension savings. Is there a legitimate way around this?
Disagreeing with a Status Determination Statement Publication date: 18.11.2020
Article database » IR35 » Factors indicative of
The new rules which will apply from April 2021 could result in you being categorised by one or more of your clients as an employee for IR35 purposes. What steps can you take if you don’t agree with their determination?
Tax relief on loans to pay your company salary Publication date: 18.11.2020
Article database » Loans » Interest qualifying for relief
Our subscriber’s business is in need of extra cash. As a young company it doesn’t qualify for coronavirus loan schemes. If instead she personally raises cash by remortgaging her home are there any tax consequences?
Using a company credit card tax free Publication date: 18.11.2020
Article database » Benefits » Making good
You need some extra personal cash for a relatively short term. You could borrow from your company, assuming it has the funds, but this has tax consequences. Might a company credit card be a better solution?
Brexit changes for business and where to find help Publication date: 18.11.2020
Article database » Brexit » Brexit
In just weeks the Brexit transition period ends. If you do business with EU countries there’s a stack of information you need to take on board. We’ve put together links to the official sites where you can find the latest information relevant to your situation.
New student loan plan and limits Publication date: 18.11.2020
Article database » PAYE » Student loans
New student loan plan and limits..Thresholds confirmed. HMRC recently confirmed the new student loan repayment thresholds for Plan 1 and Plan 2 loans for 2021/22: Plan 1 - £19,895 Plan 2 - £27,295. Depending on your software provider you may need to enter the new thresholds into your payroll app manually. New Scottish plan. A new plan type for Scottish...
HMRC’s Business Tax Account service Publication date: 18.11.2020
Article database » National Insurance » Employment allowance
HMRC’s Business Tax Account service..Employment allowance trouble. Changes to the qualifying conditions for the NI employment allowance (EA) combined with problems created by the Coronavirus Job Retention Scheme have resulted in confusion for many employers ( yr.20, iss.22, pg.01 , see The next step ). Some employers have claimed the EA when they...

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Last updated: 20.01.2021

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