What you must tell HMRC

Posted on 8th Jun 2023

If your personal details change you may be required to notify HMRC as this can affect your entitlement to certain tax breaks and or benefits. For example, you need to tell HMRC if: you get married or form a civil partnership; or you divorce, separate...[more]

Using Capital Gains Tax losses

Posted on 8th Jun 2023

If you sell an asset for less than you paid for it, you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction.  These...[more]

Overview of IHT agricultural relief

Posted on 8th Jun 2023

There are a number of reliefs available that can reduce liability to IHT. Of most interest to farmers is the Agricultural Property Relief (APR). Relief is available at a rate of 100% or 50% depending on who farms the land and how long the land...[more]

Check text messages from HMRC

Posted on 8th Jun 2023

HMRC has issued an updated version of their online guidance entitled ‘Check if a text message you've received from HMRC is genuine’. The guidance provides a current list of genuine text messages issued by HMRC. The list has been updated to include details of a...[more]

Help with childcare costs

Posted on 8th Jun 2023

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for childcare costs. The scheme was used by almost 650,000 families during the 2022-23 tax year. This represented a significant increase over the previous year. The TFC scheme can help...[more]

HMRC tax credits scam warning

Posted on 8th Jun 2023

Fraudsters often try to take advantage of the 31 July deadline for submitting tax credits renewal information.  The fraudulent emails, texts or calls claim to be from HMRC and often promise money back in the form of a tax rebate together with a click-through link...[more]

Voluntary “give-aways”

Posted on 6th Jun 2023

In a recent post we warned of the likely loss of billing opportunities if you give away service advice just to demonstrate how informed you are. In this post we outline when it may be appropriate to volunteer information or other free offers in order...[more]

Can a charity claim Gift Aid?

Posted on 1st Jun 2023

Charities can claim Gift Aid on donations made by eligible taxpayers. This can boost donations by an extra 25% if the donor makes a Gift Aid Declaration (GAD). To claim Gift Aid, charities need to obtain a Gift Aid declaration from the donor. It should state...[more]

Selling all or part of your…

Posted on 1st Jun 2023

If you are selling your company, there are important actions you must take to properly finalise your affairs. Please note that this is not an exhaustive list, and it is important to check what else may be required. We have summarised below some of the...[more]

Selling your home – taxes to…

Posted on 1st Jun 2023

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief. Taxpayers are...[more]

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