Richard and Jennifer are in their early 70s. They own and live in their family home which is worth £1.5 million. The sale of the property would realise a significant gain. This would not be a problem because principal private residence (PPR) relief will exempt any gain no matter what happens. Or will it...?
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VAT - the nation’s favourite tax - came into effect on 1 April 1973 and love it or hate it, VAT is still firmly embedded in the UK tax system today.
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Probate duty was introduced as a British tax on the gross value of a deceased testator as long ago as 1694. It meandered its way along the death tax floodplain, altering its course and name from time to time but retaining its basic substance and function.
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Making tax digital for income tax self-assessment (MTD for ITSA) all started as a sprint in 2015 when George Osborne announced the abolition of annual tax returns in favour of "a revolutionary simplification of tax collection. Starting next year."
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As the value of land increases, more and more homeowners are becoming involved in projects affecting their residences and gardens in the expectation of achieving a significant gain. Consider the case of Mr and Mrs Lee which was reported a couple of months ago...
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Most of us would remember entrepreneurs’ relief (ER) and the challenges presented in getting the spelling correct and the apostrophe in the right place! In March 2020 HMRC moved in and rebranded the relief, just to keep us on our toes. It is now known as “business asset disposal relief” or by its acronym “BADR”. There was no alteration to the underlying mechanism of the relief but there was one very important change introduced in the announcement…
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Many clients are currently receiving letters of approval for the annual employment allowance which was first introduced in 2014 and has steadily increased from £2,000 up to £5,000 for 2022/23.
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It is not uncommon for moderately well-off parents to help their children with loans (particularly in connection with the acquisition of property) which later on in life they proceed to convert to gifts when their own circumstances are assured. What documentation is necessary? Do you really need to bother?
Read ArticleMany clients sensibly set up a direct debit for payment of VAT which not only gives a few days extra to pay VAT but also ensures HMRC receive your payment on time, we at C&H Stedman always recommend this.
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There is currently a lot of activity and hype about the 130% super-deduction for companies that ends on 31 March 2023, you may be being encouraged to take advantage of it while it is there or thinking of bringing capital expenditure forward to take advantage of it.
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Since the financial year 2015 the UK corporate tax rate has been at a single rate, and that rate for the years 2017-2022 has been 19%. This has made life very simple and a good time has been had by all. But changes will be cutting in for the financial year 2023 which commences on 1 April 2023 and which is little more than 12 months away
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According to HMRC some 12.2 million people were expected to file a 2020/21 tax return by 31st January 2022, the official filing date. One week before this date there were still 4 million returns outstanding – nearly a third of them!
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Not many people pay capital gains tax and still fewer would be in a position to claim rollover relief, That said, it is a valuable relief and certainly one that business owners should know about…
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Plastic packaging tax is a brand-new tax with a brand-new acronym (PPT) and a brand-new set of rules and regulations. It kicks in on April Fool’s Day 2022, but businesses affected need to be preparing now…
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Thinking to make a capital loss on disposal to a connected person in view of reducing other capital gains? The rules are different and may catch you out if you're not careful...
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While the prime object in most Estate Planning exercises is to avoid payment of IHT altogether the fact remains that an increasing number of estates will be chargeable. This could be your estate or one for which you will be responsible as an Executor. It is useful to know that certain types of property qualify for payment of tax by instalment.
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There was a time when everyone was entitled to a full personal allowance. Then George Osborne introduced a change in the Finance Act 2014. From 6 April 2015 the allowance was progressively withdrawn where “adjusted net income” exceeds £100,000.
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Examples of some common traps with inheritance tax.
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This is a relatively new allowance which first became available in the year 2015/16. Unlike other reliefs it is a transfer of excess allowances from one spouse to another.
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The government has announced a stamp duty land tax holiday until 31st March 2021 in an attempt to kickstart the residential housing market.
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Here’s the latest on the HMRC van case, a long running saga between Coca-Cola European Partners GB Ltd and The Commissioners for Her Majesty’s Revenue and Customs.
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Successive UK governments have positively encouraged charitable giving in recent years by providing generous income tax and corporation tax relief to donors, donees and sometimes both. After all the public is taking on financial responsibility some of which the government should be bearing…
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The Government has just published a report entitled “Building a Trusted Modern Tax Administration System” in which it sets out its roadmap for making tax digital (MTD) in the context of a broader 10-year plan to modernise the tax system which is appropriate to the present decade.
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Here’s a recent tax case that underlines some basic tax principles.
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This Register has been around since 2017. It serves a dual purpose:
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Capital Gains Tax (CGT) is an interesting tax and a relatively new one as well. It was introduced in 1965 by the Labour Chancellor, James Callaghan, who went on to replace...
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The tax legislation makes provision for staff or director remuneration to be paid up to nine months after the accounting year end but allowed as a deduction in the accounts of the earlier year. What are the implications?
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