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Monthly Tax Q&A
HMRC launches UK VAT number checking tool
Following the UK’s exit from the European Union, VAT registration details of UK companies will no longer be maintained on the VAT Information Exchange System
HMRC review of import VAT deducted as input tax by non-owners
HMRC have recently clarified the correct treatment for the deduction of import VAT paid by a taxable person who is not the owner of the
HMRC Says I’m Owed Money—Is It a Tax Code Error or Scam?
Q: I received a letter from HMRC saying I’m owed money. Does that mean I’ve been on the wrong tax code, or is this letter a
How Are Business Expenses Made With My Personal Credit Card Recorded?
Q. My company does not have a credit card and therefore I use my own personal credit card to pay for some expenses – particularly any
How are Long Service Awards Taxed for Employees?
Q:I’ve got a couple of staff at my company who are approaching long service milestones and I want to award them with something to show
How Can a Sole Trader Reduce Tax with a Lower-Rate Taxpayer?
Q:I’m a sole trader and currently paying 40% tax. My husband helps out with the business, but he’s a lower-rate taxpayer. We’re looking at ways
How can I increase pension contributions to mitigate higher rate income tax?
Q How can I increase pension contributions to mitigate higher rate income tax? A. I will soon be moving into the higher tax rate and would
How Can I Offset Trade Loss Against My Income?
Q. A business colleague has recently recommended I look into how I set off my trade loss against my general income. This is not something I
How do Budget CGT Changes Affect Selling my Assets Now?
Q: I own a second home worth £400,000, which I bought for £250,000 and I have shares valued at £50,000, which I purchased for £40,000. How
How Do I Complete the Trust and Estate Return?
Q.2 How do I complete the trust and estate return? The probate value for my late mother’s house was valued by the valuation office agency
How Do I Elect Main Residence Relief for Capital Gains Tax on a Second Home?
Q. 1 How do I make a ‘section 222 election’? I need to make a capital gains tax main residence relief election under TCGA 1992,
How Does a Side Hustle Affect My Tax with a Main Job?
Q: I have a main job with a company (tax paid through PAYE) and a secondary ‘side hustle’. How does this affect my tax status and
How does HMRC determine if a property is ‘inhabitable’ for SDLT purposes?
Q. How does HMRC determine if a property is ‘inhabitable’ for SDLT purposes? A. I’m looking at purchasing a property in Wiltshire and wondered if non-residential
How Does Incorporating a Business for Shares Affect CGT?
Q: I am thinking that I may incorporate my business by transferring it for shares. I am trying to understand how it works, the relief and
How does the temporary VAT rate affect my business?
Question I have recently been able to reopen my small hotel and I am selling face value gift vouchers which can be redeemed against room
How does the UK ten-year IHT nonresidence rule work?
Q. How does the UK ten-year IHT nonresidence rule work? A. I want to emigrate to an inheritance tax (IHT)-free country. However, I have a
How long do I need to keep VAT records for?
Question How long do I need to keep VAT records for? Answer VAT-registered businesses must: keep records of sales and purchases; keep a separate
How Much Can Sales Rep Pay for Overnight Business Trips?
Q. The Sales Representative for My Company Leaves Home Early in the Morning for a Two-Day Business Trip that Includes an Overnight Stay. What can
How Much of My Home Office Repairs Can I Claim as a Business Expense?
Q: How much of my home office repairs can I claim as a business expense? A: I work as a consultant full-time in the NHS.
How Much Tax Will I Pay on My State Pension
Question I am approaching retirement age and I am looking forward to receiving my state pension. Will I have to pay tax on it?