by Ruth Clark | Sep 20, 2023 | Tax
The ability to legally assign an income tax repayment, or the right to an income tax repayment, to a third party has been removed by HMRC from March 15 this year, meaning any repayment will remain the legal property of the taxpayer in question. The change affects... 
by Ruth Clark | Sep 6, 2023 | Tax
People making the most of flexible pension withdrawals have been facing tax overpayments due to miscalculations by HMRC. In Q2 2023 alone, the taxman repaid £56,243,842 to people who had been taxed more that they should on their pension withdrawals. This amounts to an... 
by Ruth Clark | Aug 28, 2023 | Tax, VAT
There are some commonly held misconceptions about the VAT breaks for businesses buying Electric and Hybrid cars, even by car dealers trying to sell a new car. Input VAT Claim rules It is not uncommon for car dealers to tell buyers that their businesses can recover the... 
by Ruth Clark | Jul 26, 2023 | Tax
P11D and P11D(b) forms from April 6, 2023, now need to be filed online by July 6 following a rule change from HMRC. If employers need to make amendments to any returns that have already been filed, these should also be made online through a new form via the expenses... 
by Ruth Clark | Jul 24, 2023 | Tax
Concept of ATED Annual Tax on Enveloped Dwellings (ATED) is payable by companies owning residential properties valued at more than £500,000. ATED return needs to be filed if your property: Is a dwelling. Is in the UK. Valued more than £500,000. Is owned completely or... 
by Ruth Clark | Jul 5, 2023 | Tax, Uncategorised
HMRC is changing the way sole traders and partnerships need to calculate profits for their self-assessment returns. The Revenue will require the profits to be declared for the tax year in question, rather than the accounting year as is currently the case. Any sole...