Latest Blogs

06/12/2023

Paying employees early in December

Strict reporting deadlines apply under Real Time Information (RTI). Employers are required to report employees’ pay and deductions to HMRC electronically on the Full Payment Submission (FPS) at or before the time that the payment is made to the employee. Employers who report late for more than one tax month in the tax year are charged penalties. While HMRC do allow a three-day period of grace and will not charge a penalty if the employer occasionally reports in this window, this is a concession rather than an extension to the deadline and should not be relied on.

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09/11/2023

Can I deduct the higher interest costs of my new fixed rate mortgage?

Landlords coming to the end of their fixed rate mortgage deal are likely to be paying considerably more in interest when they remortgage. The extent to which tax relief is available for interest payments depends on the type of let, the type of property and whether the business is an unincorporated property business or operated through a company.

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09/11/2023

Is a derelict property still a residential property for SDLT purposes?

The issue of whether a derelict a residential property and liable to stamp duty land tax (SDLT) at the residential rates was considered by the First-tier Tribunal.

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09/11/2023

Dealing with gift hold-over relief ‘nudge’ letters

HMRC are sending one-to-many ‘nudge’ letters to taxpayers who included an invalid claim for gift hold-over relief in their 2021/22 tax return. This may be because a separate claim form was not included with the return, or the claim form was included but not signed. 

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05/10/2023

Informing HMRC of no corporation tax to pay

If you have a dormant company, filing your company tax return showing no tax is due may not be the end. Find out what next steps need to be taken and how to do so.

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05/10/2023

Diverting dividends to fund education

Owners of personal and family companies often pay themselves a small salary and the extract further profit as dividends. This article looks at diverting dividends to fund minor children's education and what to be aware of.

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05/10/2023

Capital gains tax on UK Property return

Where there is chargeable gain on the disposal of a UK residential property, the gain must be reported to HMRC within 60 days of completion and make a payment of the capital gains tax due within the same window.

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05/10/2023

Extracting profits from a property company

Recent tax changes, in particular the interest restriction for unincorporated property businesses with residential lets, have resulted in more landlords operating via a property company. This article will explain how to extract profits from a property company in a tax efficient manner.

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