Developing Dwellings And The Tax Implications?

DEVELOPING DWELLINGS ON LAND WHICH IS YOUR MAIN RESIDENCE – WHAT ARE THE CAPITAL GAINS TAX IMPLICATIONS? Capital gains principle private residence relief is available not only on the sale of your home/main residence but also upon the sale of the garden that attaches to your main residence. To qualify for relief the land must […]

BREXIT – How Will It Affect Your Tax Bill?

  Before the vote the Chancellor indicated there could be big tax rises if we leave the EU. Was this just political talk or should we brace ourselves for significant changes to our tax system? Is there a voice of doom? As expected, the leave vote did lead to press reports predicting tax mayhem. This was […]

Let Property

LET Property – Do You Need To Come Clean?

Do you let property in the UK or abroad? Have you declared your income from this property?HMRC let property campaign provides landlords with the opportunity to settle any outstanding liabilities on the best possible terms.HMRC is using digital databases to target residential landlords and many letting agencies are now required to make returns to HMRC. In […]

Probate – Questions & Answers – Pt1

Probate can be a very complicated area of the law at the best of times, but add this to the already high stress levels of an emotional time, and you find yourself completely confused. In this article we are going to go through some of the most common questions we get asked when dealing with […]

BREXIT – THE TAX IMPLICATIONS

BREXIT – The Tax Implications

So we have voted to leave the EU – what are some of the possible BREXIT tax implications & other implications on our businesses?GeneralUnfortunately it is not possible to accurately determine the impact of Brexit as the terms of our exit have not been negotiated yet. However most of the UK’s tax legislation is independent […]

hobby

HOBBY OR TRADE?

Is your hobby a labour of love? Did you not originally seek out to make a profit? But now you have a surplus of income? HMRC does not see this area in such a simplistic way and if there is tax at stake then they will use sophisticated web base techniques to identify potential traders […]

Avoiding a Tax Investigation

Firstly it is worth stating that HMRC does select some tax returns for random enquiry so there is unfortunately no fool proof way of avoiding a tax enquiry. However there are ways to minimise the risk! You as an individual are responsible for making a complete and accurate return – so if you did underpay tax […]

HMRC Enquiry

Significant Changes To HMRC Enquiry Regime

We have recently seem significant changes to the HMRC enquiry regime with campaigns now taking a more prominent role such as those in relation to offshore facilities or bank accounts. There are also various settlement opportunities available for avoidance scheme users as well as “a tax return catch up campaign”! But how does the HMRC risk […]

Bereavement

Reasonable Excuse, HMRC & Bereavement

Bereavement has often been accepted by HMRC as a reason to remove a penalty from a tax account (providing it is formally appealed in writing) which is rightly so. However a recent First Tier Tribunal case (Bryson vs HMRC TCo4894) reminds us that for the excuse to be reasonable, there is another requirement. The requirement is […]

probate application fees

Proposed Changes To Probate Application Fees

The Ministry of Justice proposes to reform the grant of probate application fees in England and Wales. The probate application fee is currently £155 if made by a solicitor and £215 if made by an individual due to the extra work involved for the court for an individual’s application. The government proposes to discard the […]