CGT Targeted Anti-Avoidance Rule (TAAR)
Many accountants have reported instances of clients facing HMRC enquiries under the relatively new CGT Targeted Anti-Avoidance Rule (TAAR). This HMRC enquiry will arise when the owner of a close company liquidates it and then starts up the same trade again, within two years. For the legislation to apply, HMRC must prove that they […]
Personal tax changes for 2022/2023
We have several personal tax changes for 2022/2023 which will impact upon us from 6 April. The new tax year has already started. Some of the changes have been public knowledge for months now and some of the rises have been anxiously awaited as the country continues to face a cost-of-living squeeze. […]
Video: Direct Payment Schemes (DPNI) – FAQs answered
Meet Rebecca Aimey, Gravita’s Payroll Manager and DPNI expert. At Gravita, we have been helping more and more individuals with DPNI schemes, making sure they meet their payroll and tax obligations. In this short video, Rebecca Aimey shares the answers to those FAQs she gets asked on a daily basis. What is a DPNI scheme? […]
Five things to consider when forming a property syndicate
Although the property market in the UK has seen a downturn in recent years, putting money into property can still be a good choice for those wanting to invest or generate an income. Property syndicates involve a group of investors combining their funds to make a joint investment in commercial or residential property. Here, we […]
Basis period rules in line for reform (sole traders and partnerships)
Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax years for inclusion […]
New HMRC advisory fuel rates from 1 March 2022
HMRC have published COMPANY CAR ADVISORY FUEL RATES FOR USE FROM 1 MARCH 2022. The rates apply when employers reimburse employees for the cost of fuel for business travel in their company cars or require employees to repay the cost of fuel used for private travel. HMRC review rates quarterly on 1 March, 1 June, […]
Tax benefits of business-owned electric cars
Written by Tax Partner, Michaela Lamb As more and more people choose to buy electric cars over petrol and diesel, employers should be aware of the tax benefits that both they and their people can achieve by using electric vehicles. Helpfully, HMRC are keen on helping taxpayers reduce their “carbon tyre-print” and have in place a […]
Video: Restricted Stock Unit (RSU) – FAQs answered
Written by Tax Partner, Michaela Lamb Meet Tax Partner and resident RSU guru, Michaela Lamb. Over the last few years, our tax team have been advising more and more clients on RSUs. In this short video, Michaela shares the answers to those FAQs she gets asked on a daily basis: I’ve been told by my […]
VAT changes from 1 April 2022: Use of ‘rebated’ red diesel is much more restricted
Written by VAT Partner, Sandy Cochrane The use of ‘rebated’ red diesel (5% VAT) is restricted to a very small number of industry sectors (including agriculture, horticulture, fish farming, forestry and rail transport). HMRC says that businesses within certain sectors (i.e. construction, mining and quarrying, ports, manufacturing haulage for transport refrigeration units on lorries, road […]
Reverse charge on construction services: Frequently asked questions
These FAQs supplement our article on Reverse Charge for Domestic Construction Services that we previously published on our website. That article explains the basic rules and is not superseded by this list of FAQs. 1. How does the reverse charge work? If you supply services within the reverse charge, you do not add VAT to your […]