A recent tax case confirmed that penalties of £1,300 were payable by a taxpayer who claimed to have never received a notice to file a tax return. The tax tribunal found that the taxpayer’s online tax account had been flagged to receive electronic communications only and an email address had been provided by the taxpayer. […]
When a student loan is coming to an end there can be accidental overpayment of the loan by the tax system. This can be avoided by paying the loan company directly which is allowed during the last two years of the student loan.
A flat occupied for ten weeks qualified for capital gains tax relief. The First-tier Tribunal has held that, during a ten week period for which the appellant occupied a property that he owned, it was his only or main residence because he had intended the property to be his home on a long-term basis.
Nice recent article in the Guardian suggesting we should all get outdoors regularly. For those that don’t know our back story, Green Accountancy was indeed founded to bring environmental matters to small businesses, which in turn was inspired by outdoor hobbies.
HMRC has made £1.8m in refunds to nearly 5,000 taxpayers as a result of cancelling ‘failure to notify’ penalties in high income child benefit charge (HICBC) cases, on the grounds they had a reasonable excuse. The raft of cases related to higher rate taxpayers who had not informed the tax authority that they would opt […]
Pension Planning For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief […]
New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient. From 6 April 2017 an additional nil rate band of up to £175,000 […]
Wedding gifts to the happy couple from friends and family can be tax effective. Parents can each gift up to £5,000, and grandparents up to £2,500, without facing any tax implications (normally inheritance tax can apply to gifts if the donor doesn’t survive the gift by 7 years). The newly-married pair may also be able […]
The government is to introduce a new criminal offence of ‘wilful or reckless behaviour’ in relation to pensions which would see directors facing up to seven years in jail. In its response to a consultation on protecting defined benefit contribution pension schemes, which ran from June to August last year, the government said it will […]
If the UK leaves the EU on 29 March 2019 without a deal this could have an impact on any EU Intellectual Property or Trademarks held by a business. At this point in time it is not clear if EU trademarks would be applicable in the UK post Brexit. If you own intellectual property rights […]