by | Sep 15, 2022 | HMRC notices
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC. According to HMRC, the service allows members to ‘share’ information in a...
by | Sep 1, 2022 | HMRC notices
An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds....
by | Aug 25, 2022 | HMRC notices
There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program. If you are keeping records used to complete a personal (non-business) self-assessment tax return, you must keep...
by | Aug 4, 2022 | HMRC notices
There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific provisions to Income...
by | Jul 28, 2022 | HMRC notices
The settlement legislation seeks to ensure that where a settlor has retained an interest in property that the income arising is treated as the settlor’s income for all tax purposes. A settlor can be said to have retained an interest if the property or...
by | Jul 14, 2022 | HMRC notices
The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest recorded percentage and remains unchanged from the previous 2019-20 tax year. The tax gap is basically the difference between the amount of tax that should have been...
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