by Ruth Clark | Jul 26, 2022 | Business, HMRC
Companies and sole traders who have not yet finalised their plans to comply with Making Tax Digital are in the last chance saloon this month, and the very latest date you have to comply with MTD for paying VAT is August 7. That is the latest date on which you will... 
by Ruth Clark | Jul 25, 2022 | Business, HMRC
Some companies lend funds to their directors to use for private purposes. This article looks at some of the tax implications for directors/employees. When evaluating directors’ loans, there are two specific issues to consider: Benefit in kind – assessable primarily on... 
by Ruth Clark | Jul 19, 2022 | Business, HMRC
If your business has spent money on plant and machinery and it is subject to corporation tax, then it may qualify for a super deduction which is a temporary allowance you do not want to miss. Qualifying purchases will need to have been made between April 1, 2021, and... 
by Ruth Clark | Jul 13, 2022 | HMRC
The inheritance tax (IHT) allowance (or nil rate band) is available to every individual. In addition, the transferable nil rate band (TNRB) is a helpful facility for married couples and civil partnerships. Transferable nil rate band The TNRB rules broadly allow claims... 
by Ruth Clark | Jul 11, 2022 | Business
A new tax called the ‘Economic Crime (Anti-Money Laundering) Levy’ is created and the appropriate collection authority is responsible for the collection and management of it, namely the Financial Conduct Authority, the Gambling Commission, or HMRC is introduced for...