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Qualifying for residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Changes at HM Treasury
Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could no longer continue in his role in good conscience.
The Prime Minister
Tax gap remains at 5.1%
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
Old style £20 and £50 notes
The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. This means that if you have any old £20 or £50 notes you should use them or deposit
Filing and paying company tax returns
If you have recently setup a new limited company or are thinking of doing so then one of the areas that you need to be aware of is the accounts and tax filing regime for companies.
After the end of
Furnished Holiday Lets and VAT
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. As an FHL is treated as a business, it
Joining the MTD ITSA pilot
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital (MTD) for Income Tax Self Assessment
Taxpayers not ready for Making Tax Digital
People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting “awareness of MTD in general, and MTD for income tax self-assessment (ITSA)...
How HMRC conducts tax investigations
How to reduce penalties for accounting errors. HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worrying about what happens if your company comes under scrutiny. Even if you’ve played...
Government overhauls audit regime
The Government has published a response to its consultation on strengthening audits, corporate reporting and corporate governance systems. The long-awaited response outlines the Government’s plans to tackle dominance of large auditors, ban failing ones and bring...
