Welcome to our Blog. Your one stop shop to keep up to date with all the latest goings on!!

The distinction between development and investing in property is crucial for tax purposes. Often it will be quite clear-cut as to whether a person is trading or investing in land. A person buying property to let out long term will be making a property investment, whereas someone buying a property to refurbish and sell will most likely be trading as a property developer. There c ...

HMRC has confirmed that the tax gap for 2016/17 has fallen to 5.7%. The ‘tax gap’ is the difference between the tax that should theoretically be paid to HMRC and the actual tax that has been paid. HMRC believes that the tax gap is lower as a result of its work to help taxpayers get things right from the start, and the department’s sustained efforts to tackle evasion and avoidan ...

From April 2019, the National Assembly for Wales will be able to vary the rates of income tax payable by Welsh taxpayers. Responsibility for many aspects of income tax will remain with the UK government, and the tax will continue to be collected by HMRC for Welsh taxpayers. The process for setting Welsh rates of income tax From April 2019, the UK government will reduce each ...

HMRC has launched a consultation on how to tackle non-compliance with the off-payroll working rules in the private sector and are asking for comments on the best way to do this. HMRC estimates only 10% of PSCs that should apply the legislation actually do so, and the the cost of this is projected to increase from £700m in 2017/18 to £1.2bn in 2022/23. This consultation provid ...

BEIS and HMRC are urging underpaid workers to complain about National Minimum Wage (NMW) and National Living Wage (NLW) underpayments. Recent figures show that the number of workers receiving the money they are owed has doubled. During 2017/18, HMRC investigators identified £15.6 million in pay owed to more than a record 200,000 of the UK’s lowest paid workers. This is an inc ...

HMRC has issued a warning to taxpayers regarding the latest tax refund scams. These scams are targeting individuals via email and SMS messages. HMRC is currently processing genuine tax refunds for the 2017/18 tax year and the fraudsters are sending scam messages which claim that taxpayers are entitled to a rebate. These messages go on to request that they provide their personal ...

A payment on account of capital gains tax will need to be made when a residential property is sold from April 2020. Payment will be due within 30 days of completion and the seller will have to submit a “payment on account” return at the same time. The changes affect those selling a second home or rental property. They will not apply to disposals covered by principal private r ...

As from 6 April 2015, non-residents are liable to UK capital gains tax (CGT) on the sale of residential dwellings situated in the UK. This change was implemented in order to bring the UK in line with many other countries, with an established pattern of taxing property situated in their jurisdiction. A PPR election is available where the non-resident individual spends at least 9 ...

Separation and divorce is never an easy issue to manage, however, it is important to consider the tax implications in such circumstances. Separation – the loss of the no gain/no loss treatment Assets transferred between spouses living together¹ at some time in a tax year take place at ‘no gain/no loss’ i.e. no CGT liability arises.  In years up to and including the tax year o ...

The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow the shares to be received without any ...