ALL THINGS TAX.

Your Self-Assessment Tax Return is due on the 31st January, so now is the perfect time for you to be submitting this - leaving plenty of time to spare. We asked our tax partner Neill, about the top tax return mistakes that people should avoid.

As we emerge from the Covid pandemic there has been a steady flow of proposals for new taxes – some from senior civil servants and respected members in industry. Do these proposals have any merit and will they work?

In the last few months, we have seen increased activity from HMRC’s Fraud Investigation Service. In this article, Neill thought this would be a good opportunity to talk about COP9 and what you need to do if you receive a COP9 CDF letter from HMRC.

We often get asked about “the most tax-efficient way to extract money from their own companies.” There are many ways of doing this, but it is key to ensure that any 'drawings' from the company is done so in a well-planned and tax-efficient manner.

There's no better feeling as a tax professional than to let a client know that a long-running enquiry has been concluded! The feeling's even sweeter when the HMRC officer has been determined to prove that the client had been paying off-record wages.

Neill guided the company through the R&D claim process and was able to claim over £70,000 in tax credit repayments, this had a huge positive impact on their cash flow and meant the company could take on more projects.

I was introduced to a client and from our short conversation on the phone, I felt pretty sure that there were some qualifying activities and projects and was certainly more than happy to invest half a day to go and speak with Richard about it.

I had a telephone call with a lady a few weeks ago. She had seen several of my blogs and YouTube posts about the Let Property Campaign and proceeded to tell me that she had rented out two properties for around ten years...

I’ve been asked so many times now about either converting a garage or shed into an office or putting a new office as an outbuilding at home, as there are some amazing designs out there that make working from home a very pleasant working environment!

It was recently reported that a company which received a government contract to procure PPE (personal protective equipment) for the NHS had changed its status from being a limited company to become an unlimited company. But what does that mean?

No matter how well you plan, and no matter how hard you chase your clients, there are always a few who leave it till the last few weeks to bring in their tax return information. I looked at the opening letter from HMRC and could not help but smile...

My previous blog addressed the possibility that in view of difficulties taxpayers, accountants and HMRC were having as a result of the Covid-19 pandemic, HMRC might defer the self-assessment filing deadline beyond the 31st January.

Over the past month as the self-assessment tax return deadline of 31st January loomed, HMRC has faced a growing chorus of calls to relax the requirement to submit returns by that date.

HMRC has recently launched a campaign highlighting the dangers of tax avoidance schemes. Whilst these schemes are not classed as tax evasion, they are sometimes based on interpretations of tax law which HMRC may challenge in court.

This week the Wealth Tax Commission released the results of its research into proposals for a one-off wealth tax. Depending on the threshold at which the tax is implemented, it could affect between 6% and 17% of the population.