A new horizon for Simmons…

Posted on 1st Oct 2021

Following the successful adoption of remote working during lockdown and an entire rethink of our requirements, we are delighted to announce that we have completed the move to our new office on the 14th floor of 33 Cavendish Square. We remain situated in close proximity...[more]

Simmons Gainsford joins Sumer Group to…

Posted on 20th Feb 2024

In December 2023, Simmons Gainsford joined the Sumer Group, a rapidly expanding top 15 UK accountancy practice with an overarching mission to champion SME businesses and offer local delivery supported by national expertise. The partnership with Sumer will provide additional benefits to clients and the...[more]

Changes to UK company law: Navigating…

Posted on 1st Feb 2024

In a landmark development, the Economic Crime and Corporate Transparency Act received royal assent on October 26, 2023. This act empowers Companies House to play a more active role in combating economic crime and fostering economic growth, setting out a series of transformative measures which...[more]

Crypto tax compliance: A move towards…

Posted on 20th Dec 2023

In a significant move towards greater transparency and compliance in the ever-evolving world of cryptocurrency, HMRC has recently launched a new disclosure opportunity to allow taxpayers to voluntarily disclose any unpaid taxes related to cryptoassets, including exchange tokens, non-fungible tokens (NFTs), and utility tokens. Let's...[more]

Jingle bills: Digital platforms to report…

Posted on 18th Dec 2023

Digital platforms such as Vinted, eBay, and Etsy are set to undergo a transformative change from January 2024 as new regulations are introduced mandating such platforms record and report seller data to HMRC. This shift is expected to enhance tax compliance and transparency in the...[more]

Gifts of shares to minor (under…

Posted on 23rd Nov 2023

The settlement legislation seeks to ensure that, where a settlor has retained an interest in property in a settlement, the income arising is treated as the settlor’s income for all tax purposes. A settlor can be said to have retained an interest if the property...[more]

What counts as holiday accommodation?

Posted on 23rd Nov 2023

HMRC’s VAT Notice 709/3 entitled 'Hotels and holiday accommodation' explains how supplies by hotels and similar establishments such as motels, guesthouses and B&Bs should be treated for VAT purposes. In addition, the notice covers the VAT treatment of holiday accommodation such as caravans and camping...[more]

The badges of trade

Posted on 23rd Nov 2023

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby. Careful consideration needs to be given to deciding whether a hobby has become...[more]

Income Tax - £5,000 savings zero…

Posted on 23rd Nov 2023

If you have taxable income of less than £17,570 in 2023-24 tax year you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the...[more]

CGT - Lettings relief

Posted on 23rd Nov 2023

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the main family residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement...[more]

IHT – Giving away your home…

Posted on 23rd Nov 2023

The majority of gifts made during a person's life, including gifting a home, are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt...[more]

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