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Tax Tips and News

  • VAT repayment evidence

    Newsletter issue – December 2022 HMRC are always a little suspicious of businesses that claim a VAT repayment in their first VAT return, or a large refund in a later return. In such cases it will write to you asking for supporting evidence, such as copies of invoices, to be provided within 30 days. You…Read More

  • Letters to landlords

    Newsletter issue – December 2022 As a landlord letting a residential property you are required by the Housing Act 2004 to protect deposits provided by tenants on assured shorthold tenancies, by using a deposit scheme. The not-for-profit companies that run these schemes will provide details of their customers to HMRC or to any other Government…Read More

  • Corporate Landlords

    Newsletter issue – December 2022 When a residential property is held through a company (or another non-natural person eg a trust) this potentially creates a liability to the Annual Tax on Enveloped Dwellings (ATED). This annual charge applies if the property is worth over £500,000. There are several exemptions and reliefs for ATED, but those…Read More

  • Letters about corporate losses

    Newsletter issue – December 2022 When a company makes a loss after 1 April 2017, those losses can be set off in a far more flexible fashion than earlier losses, for example, trading losses may be used against property income. This means that the losses brought forward from earlier periods (before April 2017) need to…Read More

  • December Questions and Answers

    Newsletter issue – December 2022 Q. The sales representative for my company leaves home early in the morning for a two-day business trip that includes an overnight stay. What can the company pay him as a daily allowance if he does not produce any receipts? A:By the end of day 1 the sales rep will…Read More

  • December Key Tax Dates

    Newsletter issue – December 2022 7 -If you don't have a direct debit set up to pay your VAT liabilities, the payment for the quarter or month ending 31 October 2022 must reach HMRC by this date. VAT must be paid electronically. 12 - Where you have a direct debit set up to pay your…Read More

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